Govt jacks up petrol value by Rs10.49 per litre

The rise in POL merchandise was notified a day after the federal government hiked energy tariff by Rs1.39 per unit which might come into impact from subsequent month.

In line with a notification issued by the Ministry of Finance, the worth of kerosene oil has been elevated by Rs10.95 per litre whereas mild pace diesel has acquired costlier by Rs8.84 per litre.

“At current, oil costs have risen round $85 a barrel (World Benchmark Brent) highest since October 2018,” reads the finance ministry notification.

It added that whole vitality chain costs have witnessed a powerful surge previously couple of months as a result of larger demand for vitality spots and provide bottlenecks.

Within the present situation, the ministry mentioned, the federal government has absorbed the strain and supplied most reduction to shoppers by protecting Petroleum Levy and Gross sales Tax to a minimal. Due to this fact, costs labored out by OGRA have been accepted.

The brand new costs of petroleum merchandise will likely be efficient from October 16 (at present).