The price per litre of petrol increased by 20

A tanker restocking fuel at a Texaco filling station in Vauxhall as the fuel shortage gradually eases in London. Photograph: Amer Ghazzal/Rex/Shutterstock A tanker restocking fuel at a Texaco filling station in Vauxhall as the fuel shortage gradually eases in London. Photograph: Amer Ghazzal/Rex/Shutterstock Motorists will be paying more than ever to fill up the tank by the end of October, according to petrol station owners, prompting a row over the cause of The Petrol Retailers Association (PRA) predicted all-time highs set in April 2012 – of 142p per litre for petrol and 148p for diesel – would be surpassed by the end of October. Average prices had hit 141.35p and 144.84p respectively by Tuesday, according to Experian Catalist UK. Forecourt prices have risen sharply over the past month, during which a driver shortage caused supply problems leading to panic-buying that Average petrol prices were 134.9p per litre in September, compared with 113.3p per litre in the same month a year earlier, according to the latest Office for National Statistics Read more Brian Madderson, the chair of the forecourt owners’ trade body, said the “primary reason” for increased costs at the pump was the rising oil price, which has doubled within 12 months, hitting a three-year high of $85 for Brent crude this week. The PRA attributed this to the Opec group of oil-rich countries and Russian cutting back on production, just as a global economic rebound from Covid-19 stokes greater demand for fuel...

Formula used: Effective successive increase= x + y +(xy/100) Where, x = first increasepercent y = second increasedpercent Calculation: According to the formula, we have Effective successive increase= [20+ 10 + ⇒ Rs. (120 + 12) ⇒ Rs. 132 So, the change in price = Rs. (132 - 100) ⇒ Rs. 32 According to formula, we have %change = (32/100)× 100 ⇒ 32% ∴ The price of petrol is increased by 32%. In successive percent, the final %change is not the direct sum of the given percents increase

LAHORE – Pakistan’s government is likely to make legislation to increase petrol Development Levy (PDL) in the next budget as International Monetary Fund (IMF) has demanded the cash strapped nation to increase Petroleum Development Levy (PDL) worth Rs. 20 per liter on Petroleum products but it is to recall that the Pakistan government is already receiving Rs. 50 in this regard. IMF authorities want to increase PDL by Rs. 20 per liter to achieve the revenue target of Rs. 800 billion. Earlier, Pakistan government fixed its target of Rs. 855 billion during the fiscal year of 2022-2023 but it could not be achieved over the fiscal year. Now IMF is putting conditions that in order to achieve the target of the PDL, its levy ratio should be increased. In the next fiscal budget of 2023-24, the budget deficit could be around Rs. 6.5 billion which would be more than 7 percent of GDP. Sources are of the view that by increasing the levy on petroleum products PDL total ratio could touch Rs. 60 70 per liter and by doing so the government would try to decrease the budget deficit of 2023-24. The federal government announced a reduction in the prices of petroleum products on Wednesday, in another bid to pass on relief to the people. Finance Minister Ishaq Dar announced the price of petrol was slashed by Rs8 per litre, diesel by Rs5 per litre, and kerosene oil remained unchanged. The price cut takes effect from Thursday for the next fortnight. With new updates, the price of petrol comes down ...