In ISLAMABAD, The government on Thursday approved an increase within the value of petrol by Re1 per litre for the month of November amid fluctuation in international crude oil costs.
A day earlier, the Oil and Gas regulatory authority (Ogra) had suggested the value of petrol is also increased by Re1 per litre and therefore the price of high-speed diesel by Re0.27 per litre.
On the other hand, it had instructed a discount of Rs2.39 per litre within the value of kerosene oil and Rs6.56 per liter in light diesel oil LDO.
With the value of petrol up by Re1 per litre, the value has jumped up from the present Rs113.24 to Rs114.24 per litre whereas the value of high-speed diesel hiked to Rs127.41 per litre from the Rs127.14, registering a rise of Re0.27 per litre.
The price of LDO that is especially used for industrial functions has come back all the way down to Rs85.33 per litre from the Rs91.89 registering a discount of Rs6.56 per litre.
Similarly, the value of kerosene oil has come back down from Rs99.57 to Rs97.18 per litre by dynamic Rs2.39 per litre.
Kerosene is employed for change of state functions, particularly in remote areas wherever liquefied gas (LPG) or pipeline gas isn't offered.
Petrol is used in vehicles and is alternative of CNG. High Speed Diesel is employed in transport and agriculture sectors and increase in its value would lead to increasing inflation.
Brent crude oil price within the international market stood at $61.15 per barrel on October 30 whereas on Sept 27, it was $62.22 per barrel.
It is value mentioning that since July, Pakistan has been receiving monthly oil provides value $275 million from Saudi Arabia on postponed payments.
Under the arrangement, Pakistan can get the oil credit facility to the tune of $9.9 billion over 3 years.