Rising prices of petroleum products

Rising prices of petroleum products

24 News HD TV channel reported on Wednesday that the Federal Ministry of Finance has announced an increase in the prices of petroleum products.

The government has increased the price of petrol by Rs 2 per liter and high speed diesel (HSD) by Rs 1.44 per liter. The new prices of petrol and high speed diesel are Rs 1212.69 and Rs 113.99 per liter respectively.

Following the price hike, the Prime Minister’s Special Assistant, Shahbaz Gul, took to Twitter to explain the price hike.

He tweeted that due to increase in commodity prices in the international market, the Oil and Gas Regulatory Authority (OGRA) has proposed an increase in petrol price by Rs 6.5 per liter and HSD rate by Rs 3.44 per liter. ۔

However, he added that Prime Minister Imran Khan had allowed the Finance Ministry to increase the price of petrol by Rs 2 per liter and HDS by Rs 1.44 per liter.

Talking to media on the federal budget earlier this month, Finance Minister Shaukat Tareen said that to achieve the petroleum levy target of Rs 610 billion, the government would have to increase it by Rs 30 per liter at the end.

However, he hoped that the expected lifting of US sanctions against Iran and its oil production and the consequent drop in international oil prices would not lead to inflation.

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