Govt Announces a Colossal Increase in Petrol Prices
The federal government has announced a huge surge in the price of petroleum products, increasing the per liter price of petrol by Rs. 10.49 and high-speed diesel (HSD) by Rs. 12.44. The announcement comes a day after the government increased the power tariff by Rs. 1.39 per unit.
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The price of Kerosene (SKO) has been increased by Rs. 10.95 per liter and the light diesel oil has been increased by Rs. 8.84 per liter.
According to a notification issued by the Ministry of Finance, the new prices of petroleum products will be in effect from 16 October (today). The new price of petrol is Rs. 137.79 per liter while the HSD will sell for Rs. 134.48.
The notification issued by the Ministry of Finance stated, “At present, oil prices have risen around $85 a barrel (Global Benchmark Brent) highest since October 2018.”
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“Importantly, entire energy chain prices have witnessed a strong surge in the past couple of months due to higher demand for energy inputs and supply bottlenecks,” it added.
“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,” it concluded.
Here are the new petroleum prices:
Products Old Prices New Prices (w.e.f 16 October) Price Increase
MS (Petrol) 127.30 137.79 +10.49
High-Speed Diesel (HSD) 122.04 134.48 +12.44
Kerosene (SKO) 99.31 110.26 +10.95
Light Diesel Oil 99.51 108.35 +8.84
All prices are in PKR.