ISLAMABAD: Pakistan braces to experience a latest wave of inflation after the government increased the prices of petroleum products by up to Rs 12.44 a litre Saturday with immediate effect to pass on the impact of the higher international market.
Finance Divison, in a notification, increased the prices of petrol by Rs 10.49, high-speed diesel (HSD) price by Rs 12.44, Kerosene oil by Rs 10.95and Light Diesel Oil (LDO) by Rs 8.84 with effect from October 16.
After the revision of POL prices, petrol will now be available at Rs137.79, HSD at Rs134.48, kerosene oil at Rs110.26, and LDO at Rs108.35 in the open market for the remaining 15 days of the month.
“In the current scenario, the government has absorbed the pressure and provided maximum relief to the consumers by keeping Petroleum Levy and sales tax to a minimum. Therefore, prices worked out by OGRA have been approved,” said the notification.
The notification also said that at present, oil prices have risen around $ 85 a barrel (Global Benchmark Brent) highest since October 2018.
Importantly, entire chain prices have witnessed a strong surge in the past couple of months due to higher demand for energy inputs and supply bottlenecks, said petroleum prices notification.
It is pertinent to mention here that the masses have already been bearing a heavy brunt of a significant surge in daily use items, life-saving medicines, electricity etc. And, this decision of massive hike in the POL prices would add salt to the injuries of the public.
