From the start of this year, prices of petroleum products have seen a sharp rise. Not only the prices of petroleum products but also of vehicles both locally made and CBUs have risen. According to fresh media reports Oil and Gas Regulatory Authority (OGRA) has forwarded a summary to Ministry of Finance to increase the price of petroleum products once again. OGRA has recommended raising the price of petrol by PKR 3, High-Speed Diesel PKR 10.25, Light Diesel Oil PKR Rs11.72 and Superior Kerosene Oil PKR 12.74.
If the Ministry approves the summary then from the next month the prices of petroleum products will be changed once again. As of now the price of Petrol is PKR 81.53 per litre, and the price of High-Speed Diesel is PKR 89.91 per litre. Moreover, the rate of Light Diesel is PKR 58.37 per litre and price of Superior Kerosene Oil is PKR 62.30 per litre. Let’s see how the Ministry responds to the recommendation made by OGRA.
The previous hike in prices of petroleum products at the start of this year was harshly criticised by the local consumers as due to rise in the price of oil, the transportation fares, as well as rates of all other household items, also surged. Furthermore, Lahore Chamber of Commerce and Industry and Islamabad Chamber of Commerce and Industry also criticised the price increase which the government did at the start of 2018. They argued it is bad for businesses and overall economy of the country.
Let’s wait and see how events unfold. Until then stay tuned to PakWheels for more updates.