Federal Government on Wednesday (July 31) increased prices of petroleum products. Petrol prices have been increased by Rs. 515 per litre. The petrol price has now jumped to Rs.117.83 per litre from the present Rs.112.68, indicating a surge of 5percent.
The new prices of petroleum products will come into effect from today. A surge of Rs.5.15 per litre in the petrol price, Rs.5.38 for kerosene oil, Rs.5.65 per litre for high-speed diesel and Rs.8.90 for the light diesel oil has been made.
Earlier on Tuesday, the regulatory authority had moved a summary to the government containing calculations on petroleum prices on the basis of higher general sales tax and petroleum levy. According to an official, the crude price had dropped by more than 12 per cent in the Arabian Gulf to $63 per barrel on July 30 from $72 on April 28, but the government had been gradually increasing tax rates.
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