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Govt increases petrol price by Rs1 per litre
High-speed diesel price remains stable
The federal government has increased the price of petrol by Rs1 per litre for the next fortnight, effective from Sunday, June 1.
According to details, the new petrol price has been fixed at Rs253.63 per litre.
Meanwhile, the price of high-speed diesel will remain unchanged, according to the government’s announcement.
The rate of high-speed diesel will remain at Rs254.64 per litre, according to a notification issued by the Ministry of Finance.
Earlier on May 15, the federal government had decided to keep the price of petrol unchanged while reducing the price of high-speed diesel by Rs2 per litre, according to an official notification issued for the fortnight, starting from May 16 (Friday).
Earlier on May 15, the federal government had decided to keep the price of petrol unchanged while reducing the price of high-speed diesel by Rs2 per litre, according to an official notification issued for the fortnight, starting from May 16 (Friday).
ISLAMABAD: The price of petrol is likely to go down by Rs0.60 per litre and high-speed diesel (HSD) by Rs0.28 per litre, industrial and official sources told The News on Thursday.
However, chances are bright for keeping the POL (petrol, oil, lubricant) prices unchanged from June 1. This will be decided with the input of the finance ministry.
A worker holds a fuel nozzle to fills fuel in a car, after the government announced the increase of petrol and diesel prices, at petrol station in Karachi, September 16, 2023. — Reuters
Nevertheless, the kerosene oil price may increase by Rs0.30 per litre to Rs164.96 from the existing Rs164.64 per litre. The price of light diesel oil (LDO) is also likely to increase by Rs1.30 per litre.
In the international market, Brent crude oil prices ranged between $64.02-64.60 per barrel. West Texas Intermediate fell more than 1.5% to trade below $61 a barrel after Interfax cited Kazakhstan as saying that OPEC+ is set to hike output at a meeting on Saturday, with the size of the increase still to be decided.
Broader markets eased off of earlier highs on data showing the US economy shrank at the start of the year, further pressuring the commodity.
Crude had earlier rallied as much as 2% after a trade court blocked a vast range of President Donald Trump’s trade levies, including elevated rates on China — the world’s top importer of crude.
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