The Oil and Gas Regulatory Authority has hiked the petrol price in Pakistan by Rs2.43 per litre for the next fortnight, effective on November 1, on recommendations of the OGRA and the related ministries. The petrol price in Pakistan has been fixed at Rs265.45 per litre for the next fifteen days, according to a notification from the Finance Division, which stated that the authority’s latest assessment was also considered.
High-speed diesel has already become more expensive, rising to Rs3.02 and after tax price on Rs278.44 per litre, which officials said was based on criticisms from the concerned ministries. Kerosene, on the other hand, according to sources, increased by Rs3.34 to Rs185.05 per litre, while light diesel oil increased by Rs1.22 to Rs163.98.
According to the BOL News Pakistan on Wednesday, petroleum prices in Pakistan are projected to rise by up to Rs2.34 a liter in the next fortnight following fluctuations in global oil markets and the effects of new US sanctions on the chief Russian producers.
Earlier calculations for the initial 12 days of the 15-day pricing period showed a Rs1.48 per liter increase in petrol and a Rs1.38 increase in HSD. Kerosene is anticipated to rise by Rs2.34 a liter, while LDO may increase by Re0.49. Due to the price variations in the international fuel market, the federal government cut the petrol price in Pakistan by Rs5.66 for the fortnight earlier this month.
Petrol was valued at Rs263.02 a liter, according to a notification released by the Finance Division. The HSD price was Rs1.39 less at Rs275.41 per liter. In the same way, kerosene oil was a Rs3.26 cut, to Rs181.71 per liter. Light diesel oil was priced by the federal government at Rs162.76 a liter.
Petrol is used in private transportation, small vehicles, rickshaws, and two-wheelers. The high price of fuel affects the budgets of middle and lower-middle-class consumers, as Petrol is used mainly for commuting. On the other hand, a large part of the transport sector uses high-speed diesel.
Considering that high-speed diesel is mainly consumed by fast food, it is considered inflationary. It includes heavy goods transport vehicles, trucks, buses, trains, and several machinery and farming engines like tractors, tube wells, threshers. The price of high-speed diesel will result from the increased prices of vegetables and other food items.
