Massive increase in petroleum prices across Pakistan

Massive increase in petroleum prices across Pakistan

ISLAMABAD – The Pakistan Tehreek-e-Insaf-led federal government increased the per litre price of Petrol to Rs108 approving increment of Rs9 in per litre price.

The decision came on Friday, days after the government deferred the hike proposed by the Oil and Gas Regulatory Authority (OGRA); the authority had proposed enhancing the price by Rs14.37 per litre.

Adviser on Finance, Abdul Hafeez Sheikh chaired a meeting of the Economic Coordination Committee and gave a go-ahead to the increase in prices.

Besides petrol, the price of Diesel was approved to go up by Rs 4.89 per litre.

The approval would lead to further inflation, especially during the month of Ramazan in which prices of food commodities already skyrocket.

Speaking at a ceremony earlier in the day, Hafeez Sheikh clarified that controlling petroleum products’ prices was not in the hands of the incumbent government.