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Markets

Govt pins increase in prices of petroleum products to global hike in rates

Published April 16, 2024
Citizens line up at fuel stations in Karachi. Photo: Reuters file
Citizens line up at fuel stations in Karachi. Photo: Reuters file

The Ministry of Finance has attributed its latest decision of increasing prices of petroleum products to a hike in oil rates in the international markets, amid escalating tensions in the Middle East.

In a statement on Tuesday, the spokesperson of the Finance Ministry said that in the last 15 days, the price of gasoline in the global market increased by $3.82 per barrel.

“Similarly, the price of high-speed diesel (HSD) increased by $4.30 per barrel,” the spokesperson added.

The remarks come after the federal government on Monday increased the price of petrol by Rs4.53, taking the rate to Rs293.94 per litre. The price of HSD was raised by Rs8.14 per litre to Rs290.38.

As per the ministry’s statement on Tuesday, OGRA had proposed to increase the price of petrol by Rs4.53 per litre and the price of HSD by Rs8.14 per litre.

“The prices of petroleum products depend on price fluctuations in the global market and the exchange rate,” the spokesperson said.

“The prices of petroleum products in the global market also increased due to the uncertainty in the Middle East.”

“It is hoped that the end of the Middle East crisis will bring relief,” the statement concluded.

Globally, oil edged lower on Tuesday as easing concern about supply risks and a rapidly escalating conflict after Iran’s weekend attack on Israel offset data showing China’s economy grew faster than expected in the first quarter.

Also weighing was stronger-than-expected US retail sales for March that further reinforced expectations the US Federal Reserve is unlikely to rush to cut interest rates, a scenario that dampens the prospects for oil demand.

Brent futures for June delivery fell 26 cents, or 0.3%, to $89.84 a barrel by 0935 GMT. US crude for May slipped 20 cents, or 0.2%, to $85.21.

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