The government increased the price of petrol on Thursday (30 September) by Rs 4 per liter and the price of High-Speed Diesel (HSD) by Rs2 per liter.
Meanwhile, kerosene and Light Diesel Oil (LDO) prices have been raised by Rs7.05 and Rs8.82 per liter, respectively.
The new prices will be in effect from the 1st of October due to which the following prices will be observed:
- The price of petrol will be Rs127.30 per litre.
- High Speed Diesel will be Rs122.04 per litre.
- kerosene oil will be Rs99.31.
- Light diesel oil will be Rs99.51 per litre.
The Finance Division said in a press statement that the Oil & Gas Regulatory Authority (Ogra) has calculated higher petroleum prices based on an increase in international market prices as well as exchange rate fluctuations during the last two weeks.
Furthermore, the finance division stated that Prime Minister Imran Khan has decided to increase the minimum price for the consumers.
According to the notification, the government absorbed the increased international pricing pressure by lowering the petroleum charge and the sales tax. The notification added that “Petroleum prices in Pakistan are the cheapest in the region.”
Spike of price on September 15
Read also: The Price Of Diesel And Petrol Goes Up By Rs 5 Per Liter
The government raised the price of all petroleum products by Rs5 to Rs6 per liter on September 15 to account for the impact of higher international market pricing and currency devaluation.
Petrol and HSD are two significant items that provide most of the government’s revenue due to their widespread and increasing consumption in the country.
Average monthly petrol sales are approaching 750,000 tonnes, compared to monthly HSD use of roughly 800,000 tonnes. Kerosene oil and LDO sales are typically fewer than 11,000 and 2000 tonnes per month, respectively.
The oil process, under the revised mechanism, is revised on a fortnightly basis by the government which is based on the international prices posted in Platt’s Oilgram. However, the previous mechanism was based on monthly calculations which depended on the import cost of Pakistan State Oil.
#PetrolPrice
The hashtag #PetrolPrice is trending on Twitter due to the second revised spike in the price of Petrol this month. People are posting tweets and discussing how they are unhappy with the increase in fuel prices.
Parliamentary Leader of PPP Senator Sherry Rehman also tweeted about the hiked petrol prices. She said “Petrol prices now stand at Rs127.3/L. During PPP’s govt in 2013, intl. oil prices remained high due to the global financial crisis, yet the price at home was nowhere close to the tsunami it is now.”
she added, “Sept15 petrol increased by Rs5, today increased by Rs4.”
