Federal Minister of Finance increased the prices of petrol per litre in an address during late night live meeting. After increase in petrol price by Rs 10 per litre, the latest price of petrol becomes Rs 282.
During the meeting, Finance Minister said that, price of diesel and light diesel would remain unchanged at Rs 293 and Rs 174 but the price of petrol is increased by Rs 10 psr litre.
Read more | IMF needs to be agreed on fuel subsidy of Pakistan
He also added that price of kerosene oil is being increased by Rs 5.78 to Rs 186.07. The new Prices are now effective in whole country. The Minister further said that prices of petrol is increased in global world from past 15 days.
Oil Prices also Increased
Earlier, oil prices also increase on expectations of potential economic stimulus by China, the prices of oil increased along with demand in Asian countries also increased facing drop in US crude stockpiles.
Brent crude oil increased by 64 cents to $84.82 at 0557 GMT, while in Texas prices gained hike from 67 cents to $80.41 a barrel. The demand of strong fuel in India also increased last month as country is world’s third-biggest oil consumer right now.
Read more | Petrol shortage in Punjab
Last month, the consumption of fuel also increased jumping from 5pc per year to a record of 4.83 million barrels per year. Oil consumption also increased causing Petroleum Exporting Countries and allies to start new round of production cuts.