The government has again raised the price of oil products in Rs. 6 for the month of April. This was announced by a notice issued by the Ministry of Finance.
The reason is the devaluation of the currency and a smaller increase in international crude oil prices.
Government Increases Oil Prices in Rs.6 Per Liter From April
According to the announcement, petrol and high speed diesel (HSD) prices have increased with Rs. 6 per liter, while the price of petroleum oil and light diesel (LDO) faced a rise of Rs. 3 per liter.
The Finance Ministry says government has spent only 50 percent of the burden of the proposed price increase, recommended by the Oil and Gas Regulatory Authority (OGRA).
To take into account the oil import parity price of the Pakistan State (PSO) for the March purchase, OGRA suggested a price increase of about Rs. 11.17 per liter in HSD, Rs. 11.91 in kerosene oil, and Rs. 6.49 in LDO.
After the increase, the price of petrol per liter reached Rs. 98.89 while the price of HSD remains at Rs. 117.43. In addition, the new one-liter price of kerosene oil is Rs. 89.31 and the LDO is Rs. 80.54.
Oil prices have increased since the beginning of 2017, with the exception of some discounts. In recent weeks, the Brent international benchmark has also increased at a slow pace.
The government has raised tax rates as a preliminary step towards the completion of a program of the International Monetary Fund.
Electricity and gas prices will also increase over time, as government has previously announced.