Petrol prices spiked again

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Petrol prices spiked again

ISLAMABAD: The government on Wednesday jacked up the prices of petroleum products with effect from today (Thursday) as the price of Petrol has gone up by Rs3.56 per litre and diesel by 2.62 per litre. The new price of Petrol stands at Rs88.07 per litre from earlier price of Rs84.51 per litre and diesel price is standing at Rs98.45 per litre from earlier price of Rs95.83 per litre. The decision taken by the government aims at avoiding escalation of budget deficit during an electioneering year. Although, it?s a difficult decision to appease the political constituency, but the government is making last ditch efforts to avoid unbridled expenditures and inability to generate desired tax revenue that could result into hiking the budget deficit beyond 6 percent of GDP.
According to details, Prime Minister Shahid Khaqan Abbasi granted approval to price escalation of petroleum products with effect from March 1, 2018.
In a bid to keep the budget deficit within the desired limits, the government decided to pass on the prices to domestic consumers keeping in view the surge in prices in international market.
The price of motor spirit (MS92) has been increased by Rs3.56 per litre and has gone up from Rs84.51 to Rs88.07 per litre. The price of diesel (HSD) has gone up by Rs2.62 per litre and the new price stands at Rs98.45 per litre from earlier price of Rs95.83 per litre.
The price of superior kerosene oil (SKO) has witnessed massive jump and it went up by Rs6.28 per litre. The new price of kerosene stands at Rs76.46 with effect from today from earlier price of Rs70.18 per litre.
The price of light diesel has been escalated by just Re1 as the new price stands at Rs65.30 from earlier price of Rs64.30 per litre.The Ministry of Finance stated in its statement that Oil and Gas Regulatory Authority (OGRA) and the Ministry of Energy had proposed increase in the prices of these products including Rs6.94 per litre raise in the price of diesel. However, it was increased by Rs2.62 per litre only, for the benefit of the general public.



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