Once again the government of Pakistan has dropped petroleum bomb on its citizens. The prices of petroleum products such as diesel, petrol and kerosene have been revised by the Ministry of Finance because of the recommendation by Oil and Gas Regulatory Authority (OGRA). Just a couple of days ago OGRA recommended increasing 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 acknowledged the summary submitted by OGRA to amplify the prices; nevertheless, the administration has amended and increased the prices as follows:
- Petrol: 2.98 PKR per litre raise in price
- High-Speed Diesel: 5.92 PKR per litre raise in rate
- Light Diesel: 5.93 PKR per litre raise in rate
- Kerosene Oil: 5.94 PKR per litre raise in price
It is significant to mention here that with the raise in the price of petroleum products, the price of household items and transportation fare would also increase . The new prices are mentioned below;
- High-Speed Diesel: Old price: PKR 89.91 per litre, New price PKR 95.83,
- Light Diesel: Old price PKR 58.37,New price PKR 64.30,
- Kerosene Oil: New price PKR 70.26
- Petrol: New price PKR 84.51, Old price PKR 81.53
It is for the second time in this year that the government has increased the prices of petroleum products. Worldwide, the price of crude oil is also varing after an equal interval of times; this might be the cause the government has increased the prices. Moreover, a few days back PM’s advisor on finance, Miftah Ismail, unveiled that the prices of petroleum products in Pakistan are less evaluated to other countries such as India, Turkey and Bangladesh.
Let’s observe how Lahore Chamber of Commerce and Industry and Islamabad Chamber of Commerce and Industry react, as they criticized the previous increase in petroleum and termed it bad for the overall economy of the country.
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