Price of diesel up Rs2.54 per liter
The government has increased petrol price by Rs5.4 per liter with effect from July 16, Assistant to Prime Minister of Pakistan on Political Communication, Shahbaz Gill tweeted on Thursday.
The price of diesel was up Rs2.54 per liter and that of Kerosene rose by Rs1.39. The development comes after Oil and Gas Regulatory Authority’s proposal to raise prices of petroleum product following a surge in internal oil prices. Ogra had proposed to raise petrol price by Rs11.4 per liter.
Unlike other commodities whose prices are determined by market forces of demand and supply, petrol prices in Pakistan are regulated by ogra, which review prices every fortnight and proposes new prices in accord with changes in international oil prices.
Following the increase, a liter of petrol will cost Rs118.09 while the new price for diesel will be Rs116.53 and that of Kerosene will be Rs87.14.