The government of Pakistan once again drops petroleum bomb on its citizens. The prices of petroleum products like diesel, petrol and kerosene have been revised by the Ministry of Finance due to the recommendation by Oil and Gas Regulatory Authority (OGRA). Only a couple of days ago OGRA recommended raising the price of petrol by PKR 3(2.98), High-Speed Diesel PKR 10.25, Light Diesel Oil PKR Rs11.72 and Superior Kerosene Oil PKR 12.74. The authority accepted the summary submitted by OGRA to increase the prices; however, the administration has amended and raised the prices as follows:
- Petrol: 2.98 PKR per litre increase in price
- High-Speed Diesel: 5.92 PKR per litre increase in rate
- Light Diesel: 5.93 PKR per litre increase in rate
- Kerosene Oil: 5.94 PKR per litre increase in price
It is important to mention here that with the increase in the price of petroleum products, the price of household items and transportation fare would also jack up. The new prices are mentioned below;
- High-Speed Diesel: New price PKR 95.83, Old price: PKR 89.91 per litre
- Kerosene Oil: New price PKR 70.26
- Petrol: New price PKR 84.51, Old price PKR 81.53
- Light Diesel: New price PKR 64.30, Old price PKR 58.37
It is for the second time in this year that the government has raised the prices of petroleum products. Internationally, the price of crude oil is also fluctuating after an equal interval of times; this might be the reason the government has increased the prices. Additionally, a few days back PM’s advisor on finance, Miftah Ismail, revealed that the prices of petroleum products in Pakistan are less compared to other countries such as India, Turkey and Bangladesh.
Let’s see how Lahore Chamber of Commerce and Industry and Islamabad Chamber of Commerce and Industry respond, as they criticised the previous increase in petroleum and termed it bad for the overall economy of the country.
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