ISLAMABAD: The federal government has approved an increase in the price of petrol by Rs 25.58 per liter on Friday for the month of July in line with the hike in global crude oil prices.
According to a notification issued by the Finance Division, the price of petrol has been increased from existing Rs74.52 to Rs100.10 per liter.
The price of diesel has gone up to Rs 101.46 from existing Rs80.15 with an increase of Rs 21.31 per liter. This fuel is used in the agriculture and transport sectors and therefore an increase in its price would affect these sectors and inflation would go up.
The price of kerosene oil has been hiked by Rs23.50 per litre from current Rs35.56 to Rs59.06 per litre. This price is used in remote areas where LPG is not available for cooking purposes.
The price of light diesel oil goes up by Rs 17.84 from Rs 38.14 to Rs55.98 per liter. This fuel is used for industry.
After the increase, the government will continue charging Rs30 per litre petroleum levy on petrol and diesel, Rs6 per liter on kerosene oil and Rs3 per litre LDO.
The new fuel prices will come into effect at 12:00 pm tonight.
It is worth mentioning here, the price of crude oil, which was $20 per barrel in the world market two months ago, has risen to $41.18 per barrel, showing an over 100% increase in the commodity’s price.
The international price of oil has been volatile since the COVID-19 pandemic gripped the world. This period also saw a historic low in the international price of oil when it dipped zero.