With the advent of New Year, the prices of many products in the country have increased; one of them being the oil. We reported in December 2017 that the government would raise the prices of oil products from January 1, 2018. The prices have been increased due to fluctuation in crude oil rates internationally. It is pertinent to mention here that the rate of crude oil has risen almost $2 per barrel in December last year, which led us to report and conclude that hike in oil price is imminent.
Prime Minister of Pakistan Mr. Shahid Khaqan Abbasi on Sunday signed the order to increase the price of petroleum products on the recommendation of OGRA (Oil and Gas Regulatory Authority). The new prices of oil products are as follow.
- Petrol per litre: PKR 81.53 from PKR 77.47 (PKR 4.06 per litre increase)
- High-Speed Diesel per litre: PKR 89.91 from PKR 85.95 (PKR 3.96 per litre increase)
- Light Speed Diesel per litre: PKR 58.37 from PKR 52.12 (PKR 6.25 per litre increase)
- Superior Kerosene Oil per litre: PKR 62.30 from PKR 57.58 (PKR 6.79 per litre increase)
According to PM’s advisor on finance, Miftah Ismail, the prices have been increased due to the hike of the rate in the international market, but still, the rates are fewer in Pakistan compared to other countries such as India, Turkey and Bangladesh.
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