Petrol will be sold for Rs110.69 per liter for the next two weeks
The government increased prices of petroleum products for the next two weeks on Tuesday.
The price of petrol has been increased by Rs2.13 per liter, high speed diesel by Rs1.79, kerosene oil by Rs1.89, light diesel oil by Rs2.03, taking their prices to Rs110.69, Rs112.55, Rs81.89 and Rs79.68, respectively.
This increase can be attributed to oil prices hitting their highest levels in over two years.
According to Reuters, US oil increased by 1.8 percent, settling at $72.12 per barrel after touching $72.19, the highest since October 2018, during the session.
A previously published Reuters report attributed the increasing prices to increasing US crude production and delayed reopening of United Kingdom’s economy amidst the coronavirus pandemic. Last week, the International Energy Agency forecast a return to pre-pandemic level of global demand by the end of 2022, urging oil exporting countries to increase output.
Citing Vitol Chief Executive Russell Hardy, the Reuters report stated that 2021 would continue to see oil prices moving between the $70 to $80 per barrel bracket.
According to the Finance Division’s notification on Tuesday, the new prices of petroleum products were scheduled to come into effect from June 16.
