The recent turbulence in the prices of petroleum products on a global scale has sent shock waves across all the economies worldwide. Accordingly, Pakistan’s petroleum division also stunned the public by announcing a colossal increase in the prices of petroleum products two weeks ago. However, the price hike saga is far from over as the government is planning to jack up the prices of petroleum products all over the country once again.
A reliable source told ProPakistani that the price is expected to rise by Rs. 8 per liter, whereas that of high-speed diesel is expected to rise by Rs. 9.5 per liter. The source added that the prices of kerosene oil and light diesel fuel are expected to go up by Rs. 7 per liter and Rs. 6.5 per liter respectively.
The government has reportedly cited the recent disturbance in the prices of petroleum products and the depreciation of the local currency as the reason for the impending increase in prices, and the Oil and Gas Regulatory Authority (OGRA) will present a complete summary of the petroleum product price recommendations to the Ministry of Finance on 30 October.
The media speculates that the government is bearing the brunt of the rising prices of petrol by maintaining a low petroleum levy to facilitate the public. However, the recent elevation in the prices of petrol has worried the masses as its effects are far-reaching. Several commodities have become more expensive due to the rocketing costs of transportation and logistics, rendering even commuting exceedingly expensive for the common man.
International reports predict that these price hikes will continue for some time, which is an omen that warrants prudence on the part of the public in the times to come.