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The caretaker authorities decreased on Sunday the petrol value by Rs40 and diesel by Rs15 respectively. The brand new value of petrol is Rs283.38/litre and diesel price is Rs303.18 per litre.
“Owing to the reducing pattern of petroleum costs within the worldwide market and as a result of appreciation of the Pakistani rupee in opposition to the US greenback, the federal government has determined to revise the present client costs of petroleum merchandise,” the federal government mentioned in a notification.
The brand new value of #petrol is Rs 283.38 per litre and Rs 303.18 per litre for #HSD. pic.twitter.com/iUfmuNJtgj
— Ministry of Finance (@FinMinistryPak) October 15, 2023
That is the second time in a row that the caretaker authorities has diminished petroleum costs after three fortnightly will increase.
Final month, the interim setup decreased the costs of petrol by Rs8 and diesel by Rs11 respectively. The brand new price of petrol was now Rs323.38 per litre and high-speed diesel was Rs318.18.
Sunday’s resolution was taken in view of the autumn of oil costs within the worldwide market the place the value of petrol had fallen by $12 per barrel. However earlier this week oil costs leapt practically 6%, with Brent posting its highest weekly achieve since February, as buyers priced within the risk that the battle within the Center East may widen as Israel started floor raids contained in the Gaza Strip.
Brent futures settled up $4.89, or 5.7%, at $90.89 per barrel. US West Texas Intermediate (WTI) crude gained $4.78, or 5.8%, to $87.69 a barrel.
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