Pakistan to suffer another oil price shock amid economic crisis, fuel prices to cross Rs 325/L
World | September 14, 2023 15:24 ISTAccording to Pakistani English Daily, the prices of kerosene would also get costlier by about Rs10 per litre.
According to Pakistani English Daily, the prices of kerosene would also get costlier by about Rs10 per litre.
Officials said the three firms have been making positive margins on petrol since the fourth quarter of the 2022 calendar year but diesel, which accounts for the bulk of the fuel sales, had been in red.
Petrol price on Sunday was hiked by 50 paise a litre and diesel by 55 paise, taking the total increase in rates since the resumption of daily price revision less than a week back to Rs 3.70-3.75 per litre.
Rates have been increased across the country and differ from state to state depending on the incidence of value-added tax.
Diesel prices have also become dearer in the national capital by 0.09 paise to retail at Rs 89.62 per litre.
The price of petrol was hiked by 28 paise per litre and diesel by 26 paise, according to a price notification of state-owned fuel retailers. In Delhi, petrol hit an all-time high of Rs 97.50 a litre, while diesel is now priced at Rs 88.23 per litre.
Petrol and diesel prices in Delhi touched new all-time highs on Thursday with oil marketing companies (OMCs) raising pump prices by 35 paise a litre.
Petrol price on Sunday was hiked by 28 paise per litre and diesel by 29 paise, the fifth straight day of increase in rates due to firming international oil prices. Petrol price in Delhi rose to Rs 83.41 per litre from Rs 83.13. Diesel rates went up from Rs 73.32 to Rs 73.61 per litre. Rates crossed Rs 90-mark for petrol and Rs 80 in case of diesel in Mumbai.
The new rates will come into effect from midnight tonight, said deputy chief minister Nitin Patel, who also holds Finance portfolio.
Petrol and diesel prices were hiked on Sunday for the eight day in a row since state-owned oil companies returned to the normal practice of daily reviews after coronavirus lockdown.
The fuel price hike has hit farmers the most as it has become difficult for them to fill adequate diesel and petrol in their tractors and other agricultural equipment.
Petrol price was on Sunday night hiked by 42 paisa a litre, the fourth increase in 6 weeks, and diesel rate was raised by Rs 1.03 a litre, the second hike in a fortnight.
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