Govt jacks up petrol price by Rs6.72 per litre

ISLAMABAD: The federal government on Monday increased the price of petrol by Rs6.72 per litre while slightly decreased the high speed diesel (HSD) by Rs0.51 per litre due to ‘fluctuations in the international market and exchange rate variations’.

The new prices will come into effect from midnight today, according to a notification issued by the finance ministry. With the latest announcement, the price of petrol has been increased from Rs227.19 to Rs233.91 per litre.

The HSD will now be available at Rs244.44. It was earlier available at Rs244.95 per litre. Kerosene oil after a slight decrease of Rs1.67 will be available at Rs199.40 per litre from Rs201.07.

Light Diesel Oil price was also decreased by Rs0.43 and it will now be available at Rs191.75 per litre from the previous price of Rs191.32.

The finance ministry said in a statement that government had decided to revise the existing oil prices following fluctuation in global oil prices and exchange rate variation. It added that new prices of petroleum products will be effective from August 16, 2022 (Tuesday).

Earlier the sources had said the prices of local petroleum products were likely to decrease by up to Rs15 per litre, as crude oil prices have declined in the global market.

The HSD is mainly used in agriculture and transport sectors. Therefore, any increase in its prices will have direct inflationary impact on the life of the masses. The farmers are already facing high prices of electricity and the HSD might cause further hike in the cost of doing business, experts said.

They added that the additional increase in price of diesel will add miseries of the people and farmers in agriculture sectors. Due to hike in price of diesel, the transport fare might also go up, resulting in higher prices of commodities in the country.

The petrol is used in motorbikes and cars. Its alternate is compressed natural gas (CNG). The CNG retail outlets in Punjab have been operating on imported liquefied natural gas (LNG) and the cost of it have gone up manifold due to Russia-Ukraine conflict.

The post Govt jacks up petrol price by Rs6.72 per litre appeared first on Pakistan Today.

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