Government Increase Price of Petrol and Diesel |

Government Increase Prices of Petrol and Diesel

Since the past few months, every product and service seems unstoppable. Not in the matter of quality but price, the prices are increasing at the speed of light. Recently, the government has surged the prices of petroleum oil and lubricant. A proposal was put forward by Oil & Gas Regulatory Authority (OGRA) but it has been overlooked. The proposal by OGRA added that the prices of petroleum and oil lubricants should be revised. OGRA wanted the prices to hike up more and was looking forward to increasing the prices even more.

According to the new revised petroleum rates, almost all petroleum and oil lubricant prices have been increased. The price of petrol has been increased by PKR.1.70 and will now be available for PKR.87.70. The price of high-speed diesel is increased by PKR.2.31 and will now be available for PKR.98.76. The price of light speed diesel faced the highest increase in the price of PKR.3.55 and now being available at PKR.68.85. The Kerosene price is increased by PKR.3.41 and will now be available for PKR.79.87.

These new revised prices will be effective from May 1, 2018, a perfect Labor Day present by the government to nationals. On the other hand, OGRA is not happy with this increase in prices. According to OGRA, the prices of petrol and diesel, in particular, need to increase further. The diesel prices should be increased approximately by PKR.5.22. Whereas, the price of petrol should be increased by PKR.3.22.

Needless to say, that increase in petroleum and oil lubricant prices mean that it will indirectly affect prices of everything. Petroleum and oil lubricants are used in almost everything one way or other least required for transportation. Therefore, the prices of all the products are set to hike up.

The prices of diesel and petrol in April were PKR.96.45 and PKR.86, respectively. The situation is further worsened due to ever increasing price of US dollar. The price of the dollar is increasing like anything against Pakistani rupee and it’s anticipated to increase further in near future. The value of Pakistani rupee is depreciating and it will certainly impact the economy. Moreover, the oil prices are increasing in the international market as well.

Not only this, weak hearted people should not read further. The government plan onto increasing tax on petroleum, diesel, high octane fuel and crude oil further. This increase in taxes will be somewhere between PKR.10-30 liter. This plan was passed in Financial Bill of 2018. Adding on, the new budget for fiscal year 2018 – 2019 has a disastrous clause for petroleum and oil lubricants. The duty/tax on petroleum and oil lubricants products is suggested to be increased further by 200%.

The petroleum and oil prices are at such an increase that we seriously have to look for alternatives.  The only option left for citizens like us is to switch to natural ways of transportations like bicycling or walking. Maybe wait, how much does the solar car cost? Let’s keep our fingers crossed and hope it heads somewhere in the favor of nation..