Petrol, diesel prices jacked up by Rs5

Increase in line with fluctuation in world prices and local currency rate

ISLAMABAD:

The government on Wednesday jacked up the prices of petroleum products by over Rs5 per litre from Thursday (today) in line with fluctuation in global oil prices and the local currency, according to a statement issued by finance ministry.

According to the notification the per-litre price of petrol goes up by Rs5, HSD by Rs5.01, kerosene oil by Rs5.46 and light diesel oil (LDO) by R 5.92. According to the notification, the new prices will be effective from September 16 (today) till September 30.

Earlier, the Oil and Gas Regulatory Authority (Ogra) had recommended an increase of up to Rs10.50 per litre in the prices of various POL products. In a summary to Petroleum Division, Ogra had recommended Rs10 per litre hike in petrol price, Rs10.5 for HSD and Rs5.5 for both kerosene oil and LDO.

Read: Govt hikes kerosene by Rs3.42, light diesel by Rs2.19 per litre

After fresh hike, the petrol price has gone up from Rs118.30 to Rs123.30 per litre. Similarly, the price of HSD goes up to Rs120.04 from Rs115.03 per litre. Kerosene oil goes up to Rs92.26 per litre from Rs86.80, while LDO will now be available at Rs90.69 per litre against the current Rs84.77 per litre.

Earlier on August 31, the government had turned down Ogra’s recommendation of increasing the POL prices by up to Rs5.11 for the first half of September; instead, it announced a nominal decrease in the fuel rates.

Also read: Petrol shortage leaves motorists stranded

The latest increase in the price will have impact on the life of people, particularly those living in remote areas like northern parts of Pakistan, where kerosene is used for cooking purposes because of the non-availability of liquefied petroleum gas (LPG).

High speed diesel is mainly used in transport and agriculture sectors. The increase in its price will also have direct inflationary impact. LDO is used in industry.