ISLAMABAD – Despite a decrease in international crude cost, the PTI govt on Friday permitted a substantial improvement in the costs of top petroleum items for the month of June because of currency devaluation. With a boost Rs4 .26 per liter, the latest cost for Petrol will achieve Rs112 .68/litre by tonight ( June 1 ) while Diesel will be sold for Rs126 .82/litre following a hike of Rs4 .50/litre.
Kerosene Oil saw a boost of Rs1 .69 and will be put on sale for Rs98 .46/litre, whereas the Light Diesel will be available for Rs88 .62/litre after a boost of Rs1 .68/litre. The govt has previously improved general sales tax on all petroleum items to the standard cost of 17pc, except 13pc on petrol and diesel. These are the country’s maximum ever petroleum costs with the international crude market at $67 per barrel — almost half of the 2008 maximum document of $147 when retail store costs stood below Rs80 per litre.
The cost hike comes a day after the Oil and Gas Regulatory Authority ( Ogra ) moved a summary to the govt containing analysis on petroleum costs on the basis of existing rates of common sales tax and petroleum levy. On the other hand, the crude cost has dropped by 7 percent in the Arabian Gulf over the last month from $72 on April 28 to $67 per barrel on May 29 but the currency devaluation caused the leading negative impact.