It seems that petrol prices are not coming down any time soon as the news is not that good. According to the sources, the prices may go up again in Pakistan. The media reports suggested that price of petrol may increase by Rs. 5.50 per liter, while the rate of diesel may go up by Rs. 9 per liter.
The major reason behind this possible hike is a historic high in international prices. The crude oil currently stands at 7-year high at $90/barrel. And the reason is COVID-19 Omicron variant and its restrictions across the globe. It means the people in Pakistan are not going to hear any good news regarding petroleum prices any time soon.
Ehsaas Petrol Card
As per some media reports, the government is planning to launch Ehsaas Petrol Card for the bike owners. With this card, the bikers will be able to get petrol at subsidized prices. The government took the step to give some relief to the middle-class section of the society.
We hope that the government will issue this card soon because ever-increasing petrol prices are hurting the buying power of masses. Because increase in petrol price means a new wave of inflation in the country.
Current Petrol Prices
After the last hike of Rs. 3, petrol price reached record-high at Rs147.83. Meanwhile, the cost of High-Speed Diesel (HSD) was also increased by Rs. 3, taking the rate to Rs. 144.62 from previous Rs. 141.62.
Meanwhile, after seeing a similar jump of Rs. 3, the new price of Kerosene Oil is Rs. 116.48 compared to the old rate of Rs113.48. Lastly, Light Diesel Oil (LDO) saw an increase of Rs. 3.33, meaning it will now cost Rs114.54 against Rs. 111.21.
Statement by Finance Division
The finance division said that the petroleum products are showing a fourth straight weekly gain in international market. “They witnessed an increase of 6.2% during last week,” the division stated.
The authority added that the existing Petroleum Levy (PL) and Sales Tax rate on various petroleum goods are much below than targets in the budget. “Against the recommendation of OGRA for an increase of Rs. 5.52/litre in petrol and Rs. 6.19/litre in high-speed diesel prices, the prime minister has directed to absorb the international prices through a further cut in sales tax from last fortnight” the statement read.
