The government appears poised to impose an additional financial burden onits citizens, akin to a “petrol bomb,” as it contemplates hiking petroleumand oil lubricants (POL) prices in response to the surging global crude oilmarket.
The international crude oil market has witnessed a steep ascent, withprices exceeding $90 per barrel, marking an astonishing 6 percent surge injust 15 days. This upward trajectory in global oil prices has necessitateda proposal to augment POL prices, citing the mounting costs associated withrefining deals margin.
Among the proposed adjustments, the government is considering raising theprice of petrol by Rs16, potentially elevating it to Rs321.35 per litre.Likewise, a proposal is on the table to increase the price of diesel byRs13.50, potentially reaching Rs325.50 per litre. Additionally, there’s asuggestion to increase the price of kerosene oil by Rs10 per litre and thatof light-speed diesel by Rs8.80 per litre.
These proposed price hikes are significant and could have substantialrepercussions for consumers across the country.
Read Top Stories
Informed sources reveal that the final verdict regarding the potential hikein petroleum product prices rests with the caretaker prime minister. It isonly after securing the prime minister’s approval that the officialnotification for these price adjustments will be issued.
Once implemented, these changes would take effect after 12pm, impacting thedaily lives and budgets of ordinary citizens who rely heavily on theseessential fuels for transportation and energy needs. This developmentunderscores the complex interplay between global oil dynamics and domesticeconomic decisions, leaving the populace bracing for potential financialchallenges ahead.
