The government has announced a jump in petrol price in Pakistan. As per a notification by the Finance Division, the petrol price has been increased by Rs. 1.45, taking the price to Rs. 237.43 from Rs. Rs. 235.98 per liter.
Meanwhile, the diesel price has remained same at Rs. 247.43. Furthermore, the new rate of Kerosene Oil is Rs. 202.02 from Rs. 210.32 as it saw a reduction of Rs. 8.30. And last but not least, light diesel oil (LDO) has observed a decrease of Rs. 4.26 taking the price to Rs. 197.28 from Rs. 201.54.
In a notification, the Finance Division has stated that in the wake of fluctuation in global oil prices and exchange rate variation, the government has decided to revises the prices of petroleum products.
The new prices are effective from September 21st, 2022.
It is pertinent to mention that the earlier media reports suggested that petrol price in Pakistan will go down by Rs. 9. However, Finance Minister Miftah Ismail late told media that the price would either increase or decrease by Rs. 0.80. And it seems that the government has chosen to increase the rates.
Deregulation of Petrol Price in Pakistan
Weeks ago, government took a step and agreed to deregulate the petrol products prices under the new proposed mechanism.
After a recent meeting held between Oil Marketing Companies (OMCs) and Oil and Gas Regulatory Authority (OGRA), reports have disclosed that petrol prices in Pakistan are likely to deregulate from November 1, 2022.
On other hand, petroleum dealers have rejected the decision stating that OGRA has not even bother to consult them the matter. In a ceremony, Pakistan Petroleum Dealers Association (PPDA) rejected the policy.
What do you think about this decision by the government? Do you think it is justified? Please share your thoughts in the comments section.