Prices of petroleum products shoot up in Pakistan

Prices of petroleum products shoot up in Pakistan

On Friday night, the new rates of oil products were announced by the federal government of Pakistan. The immediate rise in the prices of oil surprised the people. The federal government faced criticism from the public as well as from the opposition for increasing the prices ranging from 25.8% to 66%.

In the random procedure, the new prices are scheduled, and the oil and gas regulatory authority (OGRA) passes the summary to give an update about the latest prices. But this time the prices were raised immediately and revised before time.

However, the prices were revised last month and were intended to remain unchanged till June 30.

When the international fuel prices were lowered, last month on May 1, the federal government also reduced the oil prices. The price of petrol was fixed at Rs 81.58 lessening Rs 15 per litre, and the per litre price of high-speed diesel was fixed at Rs 80.10 lessening RS 30.

The oil companies didn’t agree on the fixed prices of oil products and started reserving the fuel, which caused a severe shortage of oil supply in many areas of the country.

The prices were increased four days before the due date and that it will remain valid till July 31, according to a senior government official told Dawn.

He further said that the authorities were afraid of the fact that even a small increase in the sales will be a cause of the drying of the petrol pumps.

The ministry of finance declared the decision of increasing the petroleum prices after discussing it with the spokesperson of the petroleum industry and international monetary fund.

Now, the new price of petrol is Rs 100 per litre, price of high-speed diesel petrol is increased to 100.146 per litre, cost of kerosene is 59.06 per litre, and the cost of light diesel is 55.98 per litre.

The opposition parties criticized the government in the parliament for an unusual increase on the prices. The opposition also said that in the whole history of the country there’s never been an unexpected increase of 34 per cent.

However, in response to the opposition the federal minister for petroleum, Omar Ayub khan said that even after this increase the prices of petroleum are low in Pakistan as compared to the global market.

He also shared statistics in his twitter account showing the prices of petrol in South East Asian countries which were higher than Pakistan’s petroleum prices after the hike.

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