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Thursday, April 28, 2022

PM Imran rejects proposed price hike for petroleum products

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Prime Minister Imran Khan on Saturday rejected the proposed increase in the prices of petroleum products in order to provide relief to the masses.

The proposal to increase the prices was sent by the Oil and Gas Regulatory Authority (OGRA) and the Finance Ministry.

Earlier, OGRA had proposed hiking the price of petrol by Rs11.53, high-speed diesel by Rs8.49, kerosene by Rs6.29 and light diesel by Rs5.72 from November 1.

It should be noted that the prices of petroleum products are fixed by the government for 15 days.

Read More: Dharejo slams petroleum products’ price hike

On October 15, the government announced a massive increase in the prices of all major petroleum products, citing soaring energy prices in the global markets in the wake of the post-Covid economic recovery worldwide.

The hike of around Rs9 to Rs12 per litre in the fuel prices of petrol, high-speed diesel (HSD), light diesel oil (LDO) and kerosene oil increaseed inflationary pressure on the common man, who is already facing spiralling prices of different commodities.

Earlier, world oil prices exceeded $85 a barrel that was the highest rate since October 2018. Pakistan being a net importer of petroleum products was directly impacted by the soaring oil prices globally.

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