Prices of petroleum products increased again

KARACHI: The government late Thursday night again increased the prices of petroleum products in a rather untraditional revision on the 5th of the month.

The new price of petrol has been notified at Rs145.82 per litre, an increase of Rs8.03 from Rs137.79 earlier. Similarly, the price of high speed diesel price has been hiked to Rs142.62 per litre, an increase of Rs8.14 from Rs134.48.

Price of kerosene was increased by Rs6.27, which took the rate to Rs116.53, while light diesel oil is now at Rs114.07 after an upward revision of Rs5.72.

On November 1, the prime minister had not agreed to the proposals worked out by the finance ministry and OGRA, and decided to maintain the prices, read a notification issued by the finance division.

Petroleum products: another price hike in the offing

However, in his 'relief package' address, PM Imran Khan said that a price-increase in petroleum products was in the offing as the government was unable to take a hit on its revenue.

"I understand that inflation is a serious issue, but I want the media to put a balanced narrative. Is my government responsible for global inflation?

"In the past 3-4 months, oil prices have increased 100% globally but the increase in Pakistan is only 33%. I want to tell you that we will have to increase the oil prices in our country, otherwise our deficit will grow."

Copyright Business Recorder, 2021