Fuel Prices Go Up for the Third Time in One Month

The government has hiked the price of all major fuels across the country, with the new rates effective from 1st March.

Finance Minister Ishaq Dar stated that the price hike is effective for the next 15 days, as per reports by Radio Pakistan. The new changes went official at midnight.

Revised Fuel Prices

Seeing an increase in price of Rs. 1.71 per liter, petrol will be now be Rs. 73 per liter, all the way up from Rs. 71.29 per liter.

High speed diesel sees an increase of Rs. 1.52 per liter which makes the price stand at Rs. 82 per liter. Previously it cost Rs. 80.48 per liter.

Light speed diesel maintained its price last time around but now it also saw an increase of Rs. 0.66 per liter going from Rs. 43.35 per liter to Rs. 44.01 per liter.

The price of kerosene oil has also been increased by Rs. 0.75 per liter, making it move from Rs. 43.25 per liter to Rs. 44 per liter.

A Routine Affair

Increase in fuel prices have become a regular routine for the past couple of weeks albeit the fact that kerosene and light speed diesel prices have, until now, mostly remained the same. This is the 3rd time alone this month that fuel prices have been hiked.

Previously, prices of both kerosene and light diesel oil were kept constant and not changed as the Finance Minister, Ishaq Dar, stated that it is mostly used by low-income segments and in order to provide maximum relief to them, government will be bearing the burden. He mentioned that the government is still committed to providing a subsidy of Rs. 3 billion on fuel products.

However, at a press conference held on Tuesday, the Finance Minister announced the new fuel prices in which prices of both kerosene and light diesel have also been increased. It should be noted however that OGRA has initially proposed a price revision of Rs. 17.55 per liter for kerosene oil and Rs. 10.94 per liter for light diesel oil. A Rs. 2.96 per liter increase was also requested for petrol and Rs. 2.18 per liter for high speed diesel.

The announcement on Tuesday came just a day after OGRA submitted this proposal to the Ministry of Petroleum and Natural Resources.

via Radio Pakistan