Government drops another petrol bomb

Giving citizens some more to digest following Eid festivities, the government dropped a petrol bomb, rising oil prices by up to Rs4.40 per litre.

Effective from today, the government announced a price hike in petroleum products.

Earlier, the government had decided to retain prices of petroleum products at the current level due to Eid-ul-Fitr.

However, the government was compelled to announce an increase in petroleum products due to severe opposition by the Ministry of Finance.

According to the recent hike in POL prices, petrol has been increased by Rs 3.21 per liter to Rs 96.78, High Octane Blending Component (HOBC) by Rs 4.85 to Rs 125.01 per liter, kerosene by Rs 3.52 to 96.35 per liter, light diesel by Rs 3.19 to Rs 93.3 per liter, while the price of high speed diesel was hiked by Rs 4.4 per liter to Rs 106.19.

Additionally, the government has also increased CNG prices by up to Rs 2.95 per kg. It is vital to mention here that POL prices had been raised by up to Rs 7.66 per litre in line with a rise in international oil prices only 20 days ago.

The price of petrol had been increased by Rs 7.66 per litre, diesel by Rs 4.58 and HOBC by Rs 7.64 per litre.

Kerosene had also gone up by Rs 4.64 per liter. In June, the government had provided a major breather to motorists by slashing POL prices by up to Rs 11.75 per litre.

Back then, the price of petrol had been lowered by Rs 10.46 per litre, High Octane Blended Component (HOBC) by Rs 11.75 per litre, kerosene oil by Rs 5.26 per litre, High Speed Diesel (HSD) by Rs 6.08 per litre, and Light Diesel Oil (LDO) by Rs 5.02 per litre.

Besides POL prices, a major cut in CNG prices had also been notified, with a Rs 4.82 per kg cut for Balochistan, Khyber Pakhtunkhwa and Potohar, and a Rs 4.37 reduction for Sindh and Punjab.

Masses had been expecting the meager raise in prices to not last long and come down eventually, citing the government’s troubles at several fronts, especially the power crisis.

But the latest raise comes as a major disappointment for the people, who have already been protesting against rising electricity tariffs and chronic load shedding, even during the holy month of Ramadan.

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Posted by Faisal Farooq on Aug 23 2012. Filed under Latest News, National, Pakistan. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.