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Petrol price goes down, diesel goes up amid varying global rates

Updated 01 Aug, 2022

Hukumat nay petrol sasta aur diesel mehanga kar diya | Aaj News Updates

ISLAMABAD: The government on Sunday night decreased the price of petrol by Rs3.05 per litre, while the price of high-speed diesel was increased by Rs8.95 per litre, owing to the fluctuation in fuel prices in the international market.

Following the changes in the prices, petrol price comes down to Rs227.19 while the price of high-speed diesel shoots to Rs244.95 per litre. Previously, the price of petrol was Rs230.24 per litre while diesel was at Rs236.00 per litre.

Meanwhile, the price of Kerosene oil is increased by Rs4.62 with the new price now at Rs201.07 while the price of light diesel is decreased by Re0.12 taking the price from Rs191.44 to Rs191.32.

According to a statement issued by the Finance Division, the new prices will come into effect from August 1, 2022.

The statement said that the changes were introduced following a reduction in the prices of petroleum products in the international market.

“Owing to the fluctuation in petroleum prices in the international market and exchange rate variations, the government has decided to revise the existing prices of petroleum products to pass on the impact to the consumers,” the statement said.

Oil drop in international market

Oil prices dropped on Monday, as weak manufacturing data from China and Japan for July weighed on the outlook for demand, while investors braced for this week’s meeting of officials from OPEC and other top producers on supply adjustments, Reuters reported.

Brent crude futures were down $1.19, or 1.1%, at $102.78 a barrel at 0212 GMT. US West Texas Intermediate crude was at $97.19 a barrel, down $1.43, or 1.5%.

Fresh Covid-19 lockdowns snuffed out a brief recovery seen in June for factory activity in China, the world’s largest crude oil importer. The Caixin/Markit manufacturing purchasing managers’ index (PMI) eased to 50.4 in July from 51.7 in the previous month, well below analysts’ expectations, data showed on Monday.

SINGAPORE, Aug 1 (Reuters) - Oil prices dropped on Monday, as weak manufacturing data from China and Japan for July weighed on the outlook for demand, while investors braced for this week’s meeting of officials from OPEC and other top producers on supply adjustments.

Brent crude futures were down $1.19, or 1.1%, at $102.78 a barrel at 0212 GMT. U.S. West Texas Intermediate crude was at $97.19 a barrel, down $1.43, or 1.5%.

Fresh COVID-19 lockdowns snuffed out a brief recovery seen in June for factory activity in China, the world’s largest crude oil importer. The Caixin/Markit manufacturing purchasing managers’ index (PMI) eased to 50.4 in July from 51.7 in the previous month, well below analysts’ expectations, data showed on Monday. read more

Japanese manufacturing activity expanded at its weakest rate in 10 months in July, data showed on Monday.

“China’s disappointing manufacturing PMI is the primary factor that pressed on oil prices today,” CMC Markets analyst Tina Teng said.

The Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, will meet on Wednesday to decide on September output.