The government on Wednesday dropped another oil bomb by raising the price of petrol by Rs. 22.20 per liter, effective February 16 (today). This comes as the country, which is suffering from high inflation, continues to feel the impacts of the economic maelstrom. High speed diesel (HSD) has also seen a price increase of Rs. 17.20 per liter.
At the end of the previous month, the price of petrol spiked by Rs. 35 per liter, mostly as a result of the sharp depreciation of the rupee against the dollar.
According to a statement from the finance ministry, the recent increase in gasoline and diesel prices is also a result of the rupee’s decline versus the dollar.
The government also hiked the price of kerosene oil by Rs. 12.90 per liter and light diesel oil LDO by Rs. 9.68 per liter, according to the finance ministry.
Increase in Petrol and other Petroleum Goods Prices
Following the increase, the cost of petrol increased by Rs. 22.60 per liter to Rs. 272 per liter from Rs. 249.80 per liter previously. In replacement of compressed natural gas (CNG), there is gasoline. CNG is not offered on the market because of the nation’s gas constraint.
Due to a gas scarcity, Punjab has been using liquefied natural gas (LNG) in CNG stations for the past few years.
However, due to the lack of fuel on the international market and the failure of government firms to make appropriate preparations, LNG was not accessible in the nation during the current winter season.
One of the factors cited for the rise in petrol consumption is the shutdown of CNG stations.
HSD, which is commonly utilized in the transportation and agricultural sectors, saw a jump in price as well, rising from its previous price of Rs. 262.80 per liter to Rs. 280 per liter with a rise of Rs. 17.20 per liter.
The increase in the price of diesel will push up transportation costs, which will ultimately push up the cost of commodities across the nation.
Kerosene oil will now be sold for Rs. 202.73 per liter as opposed to Rs. 189.83 per liter previously. It is employed for cooking, particularly in Pakistan’s outlying regions where liquefied petroleum gas (LPG) is not accessible.
In the northern regions of the nation, the Pakistan Army is another major consumer of kerosene oil.
The price of Light Diesel Oil (LDO), which is mostly utilized in the industrial sector, has increased from Rs. 187 per liter to Rs. 196.68 per liter, increased by Rs. 9.68 per liter.
To read our blog on “Severe petrol crisis may hit Pakistan by next week,” click here.
