Staff Report
ISLAMABAD:
The government has increased the prices of all the petroleum products by upto Rs 12.44 per litre with immediate effect for next 15 days ostensibly to pass on the impact of higher international market and currency depreciation.
According to a notification dated 16th October, 2021 issued by Ministry of Finance, the prices of petrol has been increased by Rs 10.49/liter, high speed diesel (HSD) price by Rs 12.44/litre, Kerosene oil by Rs 10.95/litre and Light Diesel Oil (LDO) by Rs 8.84/liter with effect from 16th October, 2021.
Following the decision of massive hike in the prices of petroleum products, petrol will now be available at Rs 137.79/liter, HSD at Rs 134.48/litre, kerosene oil Rs 110.26/litre, and LDO at Rs 108.35/litre for the remaining fifteen days of the on-going month of October, 2021.
“In the current scenario, the government has absorbed the pressure and provided maximum relief to the consumers by keeping Petroleum Levy and sales tax to minimum. Therefore, prices worked out by OGRA have been approved,” said finance ministry’s notification.
The notification also said that at present, oil prices have risen around $ 85 a barrel (Global Benchmark Brent) highest since October 2018.
Importantly, entire chain prices have witnessed a strong surge in the past couple of months due to higher demand for energy inputs and supply bottlenecks, said petroleum prices notification.
