After a hike in petroleum prices 15 days ago, the federal government has again increased prices of petroleum products with effect from October 1.
According to a press release issued by the Ministry of Finance, the price of petrol has increased by Rs4, high-speed diesel (HSD) Rs2, kerosene Rs7.05 and light diesel oil (LDO) Rs8.82.
Currently, the petrol price is Rs127.30 per litre, HSD Rs122.04, kerosene Rs99.31 and LDO Rs99.51.
The press release stated the prices were increased due to a hike in petroleum prices in the international market and exchange rate variation in the last fortnight.
"The petroleum prices in Pakistan are the cheapest in the region," read the press release.
In a sudden move on September 16, the government raised the prices of petroleum products by Rs5 to Rs6 per litre for next 15 days to pass on impact of higher international market and currency depreciation as it ignored the Oil and Gas Regulatory Authority’s (Ogra) workings.
Ogra had recommended Rs10.5 per litre increase in HSD and Re1 per litre in petrol, Rs5.46 per litre in kerosene and Rs5.92 per litre in LDO In its working paper,
However, the prices of petrol and HSD were increased by Rs5 and Rs5.01 per litre and that of kerosene and LDO by Rs5.46 and Rs5.92 per litre, respectively.
Prime Minister Imran Khan said on Thursday that inflation was a temporary phenomenon which would reduce soon while he was addressing a ceremony in connection with the inauguration of a 600-KV transmission line running between Matiari and Lahore, according to a report of The News
Talking about the causes of increase in food prices, the premier said the pandemic had stalled communications in many areas which led to travel bans and affected supply chains across the world.
