In what is seeming like a routine affair based on the past few weeks, a price hike in petroleum products was once again announced by the government. Prices of both petrol and high speed diesel (HSD) have gone up by Rs. 1 per liter.
The prices of kerosene oil and light diesel oil (LDO) however, remain the same for now.
Seeing an increase of Rs. 1 per liter, petrol prices will be going from Rs. 70.29 per liter to Rs. 71.29 per liter.
The prices of high speed diesel have also been increased by Rs. 1 per liter which makes the new price Rs 80.48 per liter, up from Rs. 79.48.
Kerosene oil prices remain unchanged at Rs. 43.25 per liter.
Light diesel oil prices will also stay at Rs. 43.35 per liter.
The new prices will be effective from February 16 (today) to February 28.
OGRA’s Proposed Price Hike
In a press conference held by the Finance Minister, Ishaq Dar, it was brought to light that the Ministry of Petroleum and OGRA had initially recommended an increase of Rs 1.91 pet liter in the price of petrol, Rs. 2.03 per liter in the price of HSD, Rs. 16.7 1 per liter in the price of kerosene oil and a Rs. 12.53 per liter in the price of light diesel oil.
But in order to provide relief to the public and keeping in mind the fact that both kerosene oil and LDO are used by low-income segments in society, the prices of both has been maintained, at least until the end of this month. Due to this, the government will be bearing a burden of Rs. 3 billion for not raising oil prices as recommended by OGRA.