ISLAMABAD: Federal government late Wednesday night increased the price of petrol by Rs5 per litre to Rs272 per litre for the next fortnight.
“In the last fortnight, Platts Singapore prices registered an increase. This along with a depreciation of Pak Rupee has resulted in an increase of POL (petroleum, oil and lubricant) products in Pakistan,” a press release issued by the Finance Division.
The raise in oil prices come as a huge surprise as oil prices in the international market have plunged 5 percent to their lowest in more than a year as unease over Credit Suisse spooked world markets and offset hopes of a Chinese oil demand recovery.
Early signs of a return to calm and stability faded after Credit Suisse’s largest investor said it could not provide the Swiss bank with more financial assistance, sending its shares and other European equities sliding.
The new prices will be effective from today, March 16. The press release added that the price of high-speed diesel was also increased by Rs13 per litre to Rs293 per litre and kerosene by Rs2.56 per litre to Rs190.29 per litre “by reducing government dues on it”.
“Price of light diesel oil has been kept constant (Rs184.68 per litre) by adjusting government dues as well,” the press release added.
On February 28, Finance Minister Ishaq Dar had announced a reduction in the price of petrol by Rs5 per litre.
