Following a price hike in the petroleum products in the international market, Federal government once again decided to increase price of both High Speed Diesel (HSD) and Petrol. This is the second time in last two weeks that the government announced its plans to increase price of petroleum products in the country.
It has recently been reported that petrol will experience a further hike in its price by PKR 2.25 per liter, whereas HSD will be increased by PKR 2.26 per liter. However, the government decided to not increase price of Kerosene and Light Diesel Oil (LDO) for now.
It is worth mentioning that experts related to the industry believe that this decision has been taken after taking into account the fact that Kerosene catered more to the energy need of poor people, especially in this current cold season.
- The accumulated price of Petrol after experiencing a surge of PKR 2.25/ liter will be PKR 70.29/ liter
- The accumulated price of HSD after increase by PKR 2.26/ liter will be PKR 77.48/ liter
- Kerosene price will stay at PKR 43.25/ liter
- LDO price will also remain at PKR 43.35/ liter
As per the Finance Minister of Pakistan, Ishaq Dar, the surge in price of petroleum products is only half of what was recommended by Oil and Gas Regulatory Authority (OGRA). It is pertinent to note that OGRA recommended an increase of PKR 4.16/ liter for RON 92 petrol, PKR 4.29/ liter for HSD, PKR 12.53/ liter for LDO and OKR 16.70/ liter for Kerosene oil. Adding to that, the price of all petroleum products will be effective from 1st February to 15th February.
In any case, we’ll keep a track on the changing trends of oil prices in order to keep our readers up to date.