Despite falling oil prices on the global market and the Pakistani rupee strengthening against the US dollar, the government announced a rise in petroleum product prices at midnight.
High-speed diesel (HSD) is now 2.99 rupees more expensive per liter than petrol (MS), which has seen a 2.07 rupee hike. Diesel will now cost Rs. 247.43 and petrol Rs. 235.98, respectively.
Light diesel oil’s price climbed by Rs. 9.79 per liter to Rs. 201.54, while the cost of kerosene grew by Rs. 10.92 per liter to Rs. 210.32. On September 1st, the revised prices will go into effect.
|High-Speed Diesel (HSD)||244.44||247.43||+2.99|
|Light Diesel Oil||191.75||201.54||+9.79|
On July 28, the rupee touched a record low against the dollar, closing at 239.94. But the rupee has already gained against the dollar, closing today’s interbank trade at 218.75 (Wednesday).
With October Brent crude futures down to $96.80 a barrel, the price of oil continued to decline on Wednesday due to concerns that the world economy could slow down much further.
The government raised the price of petrol at the most recent fortnightly review while only slightly lowering the price of high-speed diesel (HSD).