The government gave new year present to its nation in the form of increasing petroleum price. The petrol price will increase by PKR.4.06 per liter. Moreover, the new prices will be in practice from January 1, 2018. According to the dignitaries, this increase in petroleum prices is due to increase in prices in global market. Therefore, the prices of petroleum in Pakistan will certainly be affected, indicating steep growth.
Adding on, all petroleum prices will be increasing including diesel, hi-octane and kerosene as well. Therefore, the high speed diesel price per liter will now be PKR.89.01 from PKR.85.95. Petrol will now be available at PKR.81.53 instead of PKR.77.47. Furthermore, superior kerosene oil which was previously for PKR.57.58 is now PKR.62.30.
On the contrary, the petroleum price is to increase due to notice from Oil and Gas Regulatory Authority (OGRA). According to OGRA, the prices should be increased by 5.2% particular for petrol. As a result of increasing petroleum price worldwide. However, it is sad to know that this increase in petroleum prices will have negative effects on the economy. Directly or indirectly everything one eat or use, have a relation with petroleum price. Even the vegetables one buy from the market are transported to vendors on vehicles driven by petrol. In the end, it will not be wrong to say that increase in petroleum prices will further saturate the economy.
On the other hand, advisor to the prime minister on finance supported the increase in petroleum price. The comeback for this situation was that the petroleum prices in Pakistan is still kept low as compared to neighboring countries. Therefore, adding that petroleum price in Turkey, India and Bangladesh are a lot more than Pakistan. Also, the increase in petroleum is under advice from OGRA.