When the government announced no changes in petrol prices on the 1st of February, we told you we won’t be so lucky next time. Our Finance Minister Shaukat Tarin has said the same thing. Tarin hinted at an incoming petrol price hike during a recent media interview, saying that the government has no choice.
The government’s last decision of keeping the petrol prices unchanged for the first half of February is not going to sustain, said Tarin.
International Oil Prices
The international crude oil prices are on the rise and won’t be coming down anytime soon. Tarin said if the international oil prices keep going up, the government cannot reduce the petroleum prices artificially in the country.
Tarin also added that the International Monetary Fund (IMF) wants the government to remove tax exemption from the provident fund. The government will negotiate with the IMF on the matter. But if they persist in their demand, the government will have to shift the burden onto the public under IMF pressure.
Current Petrol Prices
The current petrol price is at an all-time high of Rs. 147.83 per litre.
The current diesel price is Rs.144.62 per litre.
The current price of kerosene oil is Rs. 116.48 per litre.
The current price of light diesel oil is Rs. 114.54 per litre.
The government will revise the petroleum prices on the 16th of February. Last time, the Oil and Gas Regulatory Authority (OGRA) proposed to hike petrol price up by Rs. 11 per litre and the high-speed diesel price by Rs. 14. But Prime Minister Imran Khan dismissed OGRA’s proposal and ordered to keep the petrol prices unchanged.
Keeping in view OGRA’s last recommendation, looks like the petrol prices will likely make a big jump this time. So, get ready, people! There are tough times ahead.
