ISLAMABAD: On Tuesday, petroleum prices were increased by the government by Rs10-12 per litre. The hike in prices is attributed to higher oil prices in the international market and conditions put forward by the International Monetary Fund (IMF) during the staff-level agreement.
After the approval of Prime Minister Imran Khan, the decision was announced by the Finance Ministry. As per the agreement with IMF the petroleum levy was increased by Rs4 per litre. On the other hand, the per-barrel rate of crude oil in the international market was recorded at $95 after a 3 per cent hike.
As per the new rates, petrol will be available at Rs159.86 after an increase of Rs12.03, and high-speed diesel at Rs155.15 after a raise of Rs9.53. Meanwhile, the price of kerosene oil went up to Rs126.56 with a Rs10.08 increase and light diesel oil gained Rs9.43, making the final price Rs123.97.
Effect of prices was also seen on jet fuels as the JP-1 soared to Rs140.65 with a Rs11 raise, JP-8 to Rs135.72 with a Rs7 increment while the E-10 jumped to Rs157.35.