According to a notification issued, prices for petrol have been increased by Rs2.75, to Rs97.66. Price of High Octane (HOBC) has been increased by Rs8.67. Kerosene prices raised by Rs4.68.
However, the price of high speed diesel remains unchanged. The government has increased prices of petroleum products on Wednesday.
According to a notification, prices for petrol have been increased by Rs2.75, to Rs97.66. Price of High Octane (HOBC) has been increased by Rs8.67.
However, the price of high speed diesel remains unchanged.
The new prices will come into effect at midnight.
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@Mohammad Ali Siddiqui: Completely untrue! People are still happily buying them. Observe the queues on petrol pumps.
@Abbas: The higest price increase is in HOBC, which is not the part of CPI basket. Price of the most important product, diesel, is kept unchanged. And diesel is most common fuel for transport used for farm-to-market supplies. Price increase in CNG and Petrol (1 or 2 rupees) will hardly affect inflation.
U.S.A Gas Prices are per gallon on 2/29/12 Regular 3.63 to 4.19 per gallon in diffrent states diffrent prices but this is for most and Diesel is 4.00 $ to 4.50 per gallon..
The prices of petroleum products have gone so high that people cannot afford to buy them, they can just smell the products.
What is needed is a show, at least only a show of austerity by our rulers, to act as a panacea to sooth the hurt being felt by the people, but even that is beyond their capacity to accommodate.
@Abbas: "Petrol price increases will cause general inflation in the economy. The govt should look to place subsidies in the price of petrol. I know it might go against IMF terms but instead they could instigate a tax on existing luxury cars or something else that would not be quite as detrimental."
Pakistan is not under IMF conditionality at this time. The reason such subsidies should not be in place has nothing to with IMF. It has to do with the fiscal deficit that would increase and which would also contribute to inflation.
Petrol price increases will cause general inflation in the economy. The govt should look to place subsidies in the price of petrol. I know it might go against IMF terms but instead they could instigate a tax on existing luxury cars or something else that would not be quite as detrimental.
Pakistan != US. We travel for essential purposes not for fun. And anyway the US brought this on itself by harassing Iran and devaluing the USD. Pakistan has nothing to do with that. Why should we be punished?
This is never good news and hurts the economy. But if it is any consolation, it is hurting all oil-importing countries in varying degrees -- even the US which is still struggling to come out of its down-turn as far back as 2008.