The Government of Pakistan is once again set to increase the price of petroleum products in June. According to a local media outlet, Oil and Gas Regulatory Authority will send a proposal to Ministry of Finance today to increase the petrol prices that will come into effect on June 1, 2018. The new price, which the authority has recommended is as below:
- Petrol: PKR 8.37 per litre
- High-Speed Diesel: PKR 12.50 per litre
- Kerosene oil: PKR 8.23 per litre
- Light diesel: PKR 11.65 per litre
While the government might increase the price of petroleum products, Lahore Chamber of Commerce and Industries has also warned the government that there might be the countrywide implication if it increases the price in the next month as the price is already high.
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LCCI President Malik Tahir Javaid, while talking to the media, said that government shouldn’t increase the prices of petroleum products as it will only add fuel to the fire. Prices are rising globally; however, the government should give relaxation to the public by curtailing the taxes on petroleum products, he further added.
The government, for the last 8-9 months is consistently increasing the prices of POL products in the country, while facing harsh criticism from public, transporters and other stakeholders.
Moreover, it is to be noted here that Supreme Court of Pakistan has already taken Suo Motu action on taxes imposed on petroleum products by the government.
Supreme Court of Pakistan had ordered the government and all the concerned departments to provide a detailed report on taxes imposed on petroleum products and to compare the taxes with domestic and global standards. And today the government has told the Supreme Court that the prices of petroleum products might rise in June.
The current prices of petroleum products are as follow:
- Petrol– Rs 87.70 per litre
- High-speed Diesel– Rs 98.76 per litre
- Light-speed Diesel– Rs 68.85 per litre
- Kerosene– Rs 79.87 per litre
Stay tuned for latest updates.
