ISLAMABAD (Kashmir English): The Pakistani government has announced that from March 21, 2023, kerosene oil prices will increase to Rs428.74 after a Rs. 70.73 per litre price rise.
The third price increase of March occurs because Middle Eastern conflicts between Iran, Israel, and the United States create unpredictable conditions for the global oil markets.
The price of kerosene has increased nearly 127 percent since early March, which represents one of the highest price jumps among national petroleum products. The first price increase of kerosene occurred on March 7, when the price rose from Rs. 188.73 to Rs. 318.81.
The first price increase of kerosene occurred on March 7, when the price rose from Rs. 188.73 to Rs. 318.81. The price increase of Rs39.20 occurred on March 14, which raised the price to Rs358.01 per litre before the current price increase.
The authorities linked the supply disruptions in the Strait of Hormuz to rising international crude prices as explanations for their repeated price changes. The government adjusts domestic fuel prices to match current global oil market conditions.
Prime Minister Shehbaz Sharif declared that petrol and diesel prices will stay the same next week since people have requested price increases before Eid al-Fitr.
He addressed the nation by stating that the current Middle East conflict has created worldwide economic disturbance, which also affects peace and stability.
The premier explained that rising oil prices create economic problems for the country because crude oil prices have increased from $72 to $158 per barrel within the past few weeks.
He also extended Eid al-Fitr greetings and called for national unity during this period of economic uncertainty. The current revision takes place during the ongoing changes of international oil markets and domestic tax modifications.
