ISLAMABAD: It was unbelievable that the government could go for almost 100% more than Oil and Gas Regulatory Authority ( OGRA) suggested increase to revise upward the petroleum products ‘
prices to all time high in domestic market for current fortnight to set aside “Further pressure of circular debt on the national economy”.
OGRA had suggested the government an increase of Rs 5.60 per litre for petrol and Rs 10 per litre for high speed diesel for the current fortnight. It had been a tradition that the government obsorbs some portion of OGRA suggested increase to avoid full financial impact on the increase in oil prices to the masses, but there could be no precedent that the government ever approved increase in petroleum products rates more than suggested by OGRA in its summary.
According to a Finance Division’s notification issued here on Saturday, the petrol prices have been increased by Rs 10.49 per litre and high speed diesel by Rs 12.44 a litre. With the increase of Rs 10. 49, petrol prices increased from Rs 127.39 to Rs 137.79 per litre and high speed diesel (HSD) rates shot- up to Rs 134.48 per litre.
Similiarly, the rates of kerosene oil and light diesel oil (LDO) have been increased by Rs 8.84 and Rs 10.95 per litre respectively.
The new petroleum products prices will remain effective till October 30, 2021.
The impact of such a big increase and subsequent surge in inflation will have unbearable financial burden on the masses. The people, who are already moaning under killing inflation, may find hard to digust the latest increase in the petroleum products prices.
State minister for Information, Furruk Habib, repeated his old mantra that the oil prices in Pakistan were lower than the regional countries even after the latest upward revision . Giving justification of the new increase in the oil prices, the state minister said “The goverment was still picking up burden of billions by not passing on full increase in the prices of petroleum products rates in the international market”.
The opposition strongly condemned the increase in the petroleum products’ prices. Pakistan People Party (PPP) announced to launch a countrywide public protest against the increase in power and petrol prices. Pakistan Muslim League Nawaz (PMLN) strongly condemned the new increase in the oil prices. PMLN vice president , Maryam Nawaz, called the new increase in petrol prices as docaity on the people. She said the government was increasing the petroleum products prices to benefit its ATMs.
