Another price-hike is likely for the coming month as reports suggest that rates of petroleum products could go up by as much as Rs8 per litre, reported Aaj News on Saturday.
As per details, petrol price is likely to go up by Rs6.5 per litre, High-Speed Diesel (HSD) by Rs8 per litre, kerosene by Rs7 per litre and light diesel by Rs6.5 per litre from November 1.
The upcoming hike is expected to be at the current rates of levies and taxes imposed on POL products. However, the government can give relief to the people by adjusting the taxes and levies.
The final approval will be given by Prime Minister Imran Khan, after which the new prices will be announced by the Ministry of Finance on Sunday.
The prices of petroleum products are fixed by the government for 15 days. On October 15, the government increased the price of petrol by Rs10.49 per litre, an over 8% increase that took the rate to Rs137.79 per litre.
On Wednesday, the Oil and Gas Regulatory Authority (OGRA) informed a parliamentary panel that increase in prices of petroleum products internationally and devaluation of the currency are the main reasons behind the hike in prices.
The chairman committee questioned the chairman OGRA as to why LNG supplies were not secured in January this year when prices were very low, to which the chairman OGRA replied that 70% of the supplies are secured through long term contracts but 30% are based on, on-spot purchase as per global practice.
Committee members’ questioned the chairman OGRA regarding recent price-hike in petroleum products, which is causing inflation in Pakistan.
The chairman OGRA was of the view that increase in prices of petroleum internationally and devaluation of the currency are the main reasons behind the hike in prices locally.