After Petrol, OGRA Drops LPG Price Hike Bomb

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The incumbent government ceased before the pressure to increase LPG rates. Following petrol, the Oil and Gas Regulatory Authority (OGRA) came up with a decision – jacked up the prices of liquefied petroleum gas (LPG) by Rs. 60 per kg.

As per the authority’s notification, LPG will now cost Rs. 264 per kg as a fixed rate. Moreover, the price of a domestic cylinder is up by Rs. 703 and will now cost Rs. 3115. Whilst commercial cylinder price observed a jump of Rs. 2706 for the month of February, its new price is Rs. 3115.

Petrol Price Hike

On Sunday, Finance Minister Ishaq Dar announced a petrol price hike of Rs. 35 per liter due to the extreme devaluation of the Pakistani rupee against the US dollar.

In his announcement regarding the petrol price hike, Ishaq Dar also said that the prices of kerosene oil and light diesel oil have been increased by Rs18. In the aftermath of the removal of the unofficial cap on the dollar, the Pakistani rupee hit a historic low against the dollar, which has led to this inflation.

A couple of days ago, the Oil & Gas Regulatory Authority (OGRA) had proposed a petrol price hike of Rs. 83.5. The government chose to increase the price partially. Yet, it is the highest the petrol price has ever been.

Dar’s Statement on Petrol Price Hike

Dar also added that to prevent temporary hoarding and speculation about petrol shortages, the Oil & Gas Regulatory Authority (OGRA) asked the government and Prime Minister Shehbaz Sharif to implement the new rates right away.

Dar told the media that prices did not increase once in the past four months, from October to January 29. He further added that over this period, petrol and diesel prices actually decreased by Rs19 or Rs20.

What is your take on the latest LPG price hike? Please share your thoughts in the comments section.

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