The caretaker government, which assumed control not too long ago, is facinga significant test as it grapples with the formidable challenge ofannouncing a substantial surge in the prices of petroleum products (POL)later tonight.
This impending announcement can only be described as a bombshell,triggering concerns that the cost of petrol might breach the 300-rupee markfollowing a staggering increase of Rs9 per liter. Similarly, diesel pricesare expected to surge by Rs16 per liter, while Kerosene Oil prices couldjump by Rs13 per liter. Likewise, the price of Light Speed Diesel is alsoprojected to climb by Rs9 per liter.
Refinery authorities attribute these potential price hikes to a confluenceof factors. Notably, the US dollar has witnessed an extraordinary surge ofRs14.51 in the past two weeks, a development that has had a significantimpact on the overall cost. Furthermore, the international market haswitnessed crude oil prices surging past 85 dollars per barrel, furthercontributing to the anticipated rise in POL prices.
According to refinery officials, the interbank exchange rate for the dollarhas now exceeded Rs304. This increase in the dollar’s value holdsramifications beyond just the petroleum sector, as it is also expected toresult in higher air travel fares.
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In response to this situation, Caretaker Prime Minister Anwaarul Haq hasconvened a meeting at the PM House today. The meeting will address theescalating prices of both electricity and petroleum products, and it willbe attended by key ministers responsible for finance, energy, petroleum, aswell as relevant officials.
In conclusion, the caretaker government finds itself in a challengingposition, tasked with navigating the complex landscape of announcingsubstantial hikes in petroleum product prices. The impending increases,fueled by factors such as fluctuations in the US dollar’s value and soaringcrude oil prices, are poised to have widespread effects on the economy,including potential fare hikes for air travel. As the government convenesto discuss the situation, it faces the crucial task of balancing economicconsiderations and public sentiment.
