Petrol prices hiked
The price of petrol in Pakistan has come to Rs 1.35 per liter, due to which these changes are in line with the fluctuations in the international market. According to the notification issued by the Finance Department, the new price of petrol has now increased from Rs 247.03 per liter to Rs 248.38 per liter.
What did the Department of Finance say on this subject?
In a statement issued late Thursday, the Treasury Department said, "The Oil [and] Gas Regulatory Authority (OGRA) has worked on consumer prices of petroleum products based on price variation in the international market." Notably, the price of high-speed diesel (HSD) was also increased by Rs 3.85 per litre. The new price has now increased from Rs 251.29 per liter to Rs 255.14 per liter.
Know about the prices of other petroleum products
Meanwhile, prices of several other petroleum products have been reduced. The new price of kerosene will be Rs 161.54, Rs 1.48 less than Rs 163.02 per litre. Similarly, the price of light-diesel oil has been reduced by Rs 2.61 to Rs 147.51 per litre from Rs 150.12, The News International reported. Petroleum prices for Pakistan are mainly affected by rising international prices linked to the ongoing crisis in the Middle East. Due to high smuggling and illegal trade, the country is constantly suffering losses, and is dependent on international players for its energy security.
Earlier, petrol prices were reduced
Earlier, on October 1, the government had cut petrol price by Rs 2.07 per litre for the next fortnight, bringing down rates to Rs 247.03 per litre from Rs 249.10. Oil and gas are a major component of Pakistan's energy mix, meeting more than 79 percent of energy needs. The rise in prices is going to affect the middle and lower class of the country significantly. The country is already under pressure due to climate change, rising prices and volatility in international markets, and economic strain on citizens is about to increase.
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