As the inflation-stricken nation continues to reel from the effects of economic maelstrom, the government on Wednesday dropped another oil bomb by increasing the price of petrol by Rs22.20 per litre effective February 16 (today).
The price of high speed diesel (HSD) was also raised by Rs17.20 per litre.
The petrol price was shot up by Rs35 per litre at the end of last month, primarily due to massive devaluation of rupee against dollar.
The fresh hike in the prices of petrol and diesel is also due to rupee depreciation against dollar, the finance ministry said in a statement.
According to the finance ministry, the government had also increased the price of kerosene oil by Rs12.90 per litre and light diesel oil LDO Rs9.68 per litre.
After the surge, the price of petrol has gone up to Rs272 per litre against its earlier price of Rs249.80 per litre, registering a hike of Rs22.60 per liter.
Petrol is an alternative to compressed natural gas (CNG).
Due to shortage of gas in the country, CNG is not available in the market.
Meanwhile, Punjab had been using liquefied natural gas (LNG) for the last few years in CNG stations due to shortage of gas.
However, LNG was not available in the country during the current winter season due to non-availability of fuel in the global market and failure of government companies to make timely arrangements.
The closure of CNG stations is stated to be one of the reasons for increase in the demand of petrol.
The price of HSD, which is widely used in transport and agriculture sectors, also shot to Rs280 per litre, compared to its earlier price of Rs262.80 per litre, with an increase of Rs17.20 per litre.
The hike in the price of diesel will result in an increase in the transportation fares, ultimately leading to rise in the prices of goods across the country.
Kerosene oil will now be available at Rs202.73 per litre against its earlier price of Rs189.83 per litre.
It is used for cooking purposes especially in the remote areas of Pakistan where liquefied petroleum gas (LPG) is not available.
Pakistan Army is also key consumer of kerosene oil in northern parts of the country.
Light Diesel Oil (LDO), which is mainly used in the industrial sector, will now be sold at Rs196.68 per litre against its earlier price of Rs187 per litre, witnessing a hike of Rs9.68 per litre.
LPG prices
Oil and Gas Regulatory Authority (OGRA) has jacked up the price of LPG by Rs2 per kg for the last 15 days of February, and issued a notification in this regard.
According to the notification, LPG price has been fixed at Rs266 per kg after witnessing a hike of Rs2 per kg while the price of domestic cylinder has increased by Rs27 and commercial cylinder by Rs102 for the second half of February.
Following the issuance of the OGRA notification effective February 15, LPG will be available at Rs266 per kg while domestic cylinder at Rs3141.29 and commercial cylinder at Rs12,086 in the open market.
LPG Association Chairman Irfan Khokhar termed the price hike “unbearable” and advised all district presidents of LPG associations to stage protests.
He said that instead of giving relief the government had imposed more taxes while billions of rupees subsidy was being offered in the imported LNG.
He noted that this was the second time that the price of LPG had increased during February.
He said the government should allow the LPG plant of Jamshoro Joint Venture Limited (JJVL) to start production at the earliest in order to provide relief to the people, noting that the plant had been closed for the last 32 months and caused a revenue loss of around Rs157 billion.
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