Weekly review: Petrol jumps up to Rs105
Price of petrol has been increased by Rs7.77 per litre which will now be available at petrol pumps at Rs104.55 per litre, after the government revised fuel prices.
Applicable from Saturday, diesel would be sold at Rs112.13 per litre after its prices were revised upwards by Rs5.94 a litre.
Keeping in line with the 60 per cent price disparity formula between the petrol and gas prices, an increase of Rs7.11 per kilogram has been made in the price of compressed natural gas (CNG) for the northern region including Khyber Pakhtoon Khawa, Potohar region and Balochistan where it will now be sold at Rs95.72 per kg. While in Sindh and Punjab, excluding Potohar, CNG will be sold at Rs87.44 per Kg with an increase of Rs6.50 per kg.
The new price of CNG is all time high and is expected to have a direct impact on fares of public transport and cabs, most of which are run on CNG.
Earlier, a senior government official said that petroleum ministry had moved a summary on Friday to Finance Ministry recommending that 50 per cent of the total impact of global hike in prices be shifted to consumers and rest be absorbed by cutting the rate of petroleum levy-a tax the government charges from consumers.
But the finance ministry rejected the proposal and decided to go ahead with full price hike at par with international prices. Besides increase in international prices, the ever increasing rupee dollar parity is one of the reasons for the unprecedented raise.
High Octane Blending Component (HOBC) used in luxury cars in the new review witnessed a maximum hike of Rs8.18 per litre. It will now be sold at Rs. 133.19 per litre this week.
The price of kerosene oil has also been increased by Rs5.86 per litre to Rs102.21 per litre.
Light Diesel Oil would now be sold at Rs98.84 per litre with an increase of Rs5.54 per litre.
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Did I tell you about that one time I sold my lighter fuel to the petrol pump in exchange for some money to pay for a public bus back home? Not that far off, I tell you!
Good. The prices need to be kept in line with the global fuel prices to avoid putting the economy under further strain by providing subsidies for people who complain and demand but refuse to contribute.
It seems current government is preparing to get as much money as they can from public pockets during these last months and then to give a final assault at the money. So that for the rest of 7 generations they dont have to work anything legal for living.