ISLAMABAD: The Pakistan Tehreek e Insaf (PTI) government has given another big shock to the masses by revising the prices of petroleum products upward irrationally .
According to the official notification, petrol prices have been revised upward by Rs 12.03 per liter to take its rates all time high at Rs 159.86 per liter.
With an increase of Rs 9.43 , light diesel rates have gone up to Rs 123. 97 per liter , Kerosene prices have gone up to Rs 126.56 per liter. High speed diesel (HSD) rates have been revised upward by Rs 9.53 per liter . It’s new rates have been fixed at Rs 154.15 per liter.
Prime minister, Imran Khan, himself okayed massive increase in petroleum product prices late Tuesday night .
The prime minister simply approved passing on 100 % increase of oil prices in international market to end consumers.
To make a case for unprecedented increase in petroleum products prices , Information minister, Fawad Hussain Chaudhary, had issued a statement a few hours in advance to formal announcement of the revised rates of petroleum products. He had categorically said there was no option, but to revise upward prices of petroleum products.
The new prices will remain effective for one fortnight i.e till February 28. The next revision of the petroleum product prices will come into force on March 1, 2022.
The prices of brent in international market have gone up to $90 per barrel leaving no option for the government to keep it adjusting against its income, but it was possible to slice down the impact of international market by reducing petroleum development levy (PDL) as it could minimise impact of revised prices to avoid their 100 % spiral affect .
