The global fluctuations in the prices of petroleum products are affecting their prices in many countries, which is why the government of Pakistan has decided to increase the prices of petrol for the third time in two months.
Prime Minister Imran Khan has approved an increase of Rs. 5.40 per liter in the price of petrol. Similarly, the price of high-speed diesel has been increased by Rs. 2.54 per liter, kerosene by Rs. 1.39 per liter, and light diesel by Rs. 1.27 per liter. The new prices will come into effect from 16th July.
The following are the new prices of petroleum products:
|Products||Old Prices (Rs/ltr)||New Prices (Rs/ltr)||Price Increase (Rs/ltr)|
|High-Speed Diesel Fuel||113.99||116.53||2.54|
|Light Diesel Fuel||83.40||84.67||1.27|
The turbulence in the prices of petroleum products in the global market over the last few months led the Oil and Gas Regulatory Authority (OGRA) to propose an increase of Rs. 11.40 per liter in the price of petrol.
An official statement by the government has highlighted that despite the OGRA’s recommendations for price hikes, the government has considered what is in the best interest of the public and has decided to “bear the burden” of the global price fluctuations.
Note that as the fluctuations in the prices of petroleum products are ongoing, more price hikes may be expected in the future.