Petroleum Prices Most Likely To Increase?

One of the country’s leading economist Dr. Hafeez Pasha has indicated the possibility of a further increase in the prices of petroleum products in Pakistan.

Talking to a private TV channel program, he said: “With the price of crude oil reaching 80 dollars per barrel in the global market, prices of petroleum products in Pakistan are expected to rise further by the end of this month.”

It should be noted that the Ministry of Finance had a meeting on October 1, 2021 to discuss the significant increase in the prices of all petroleum products. The Finance Ministry has increased the price of petrol by Rs 4 per liter, light-speed diesel by Rs 8.82 per liter, kerosene by Rs 7.5 per liter, and high-speed diesel by Rs 2 per liter.

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Thus, the new price of petrol has been fixed at Rs 127.30 per liter, light-speed diesel at Rs 99.51 per liter, high-speed diesel at Rs 122.04 per liter, and kerosene at Rs 99.31 per liter. The prices will be effective from October 15 onwards.

Earlier, the federal government had also increased the prices of all petroleum products on the 15th of last month. Contrary to the suggestion made by the Finance Ministry in the Oil and Gas Regulatory Authority (OGRA) summary on September 15, the price of petrol was increased per liter.

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OGRA had proposed an increase of Rs 1 per liter in the price of petrol but the Finance Ministry increased it by Rs 5. In addition, the Finance Ministry approved an increase in the price of kerosene by Rs 5.42 paise and light-speed diesel by Rs 5.92 paise. The price of high-speed diesel was also increased by Rs 5.1 per liter.

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