Islamabad [Pakistan], October 1 : Pakistan's federal government announced a hike in petrol and diesel prices on Tuesday (local time), as reported by ARY News.
According to the notification issued by Pakistan's Ministry of Finance, the petrol prices were increased by Rs 4.07 per litre, taking the new rate to Rs 268.68 per litre. Meanwhile, the prices of high-speed diesel rose by Rs 4.04 per litre, with the new rate at Rs 276.81 per litre.
The new petrol and diesel prices came into effect immediately.
The development follows Pakistan's Oil and Gas Regulatory Authority's announcement of a reduction in Liquefied Petroleum Gas prices for October.
As per the order, the price of a domestic LPG cylinder has been reduced by Rs 79.14, bringing the cost down from Rs 2,527 to Rs 2,448.
OGRA said that the per-kilogram LPG price has been reduced by Rs 6.71, dropping from Rs 214.19 to Rs 207.48 per kg.
Earlier this month, prices of high-speed diesel by Rs 2.78 per litre for the next fortnight, bringing the new prices to Rs 272.77 per litre.
According to ARY News, citing sources, the prices of High-Speed Diesel, kerosene, and light diesel are expected to rise by Rs 4.79 per litre, Rs 3.06 per litre, and Rs 3.68 per litre, respectively.
Furthermore, preliminary calculations for the revised rates have been completed, and a summary of the same shall be forwarded to the Prime Minister Shehbaz Sharif for final approval, as per ARY News.
The Ministry of Petroleum, working in consultation with the Ministry of Finance, will present the pricing proposal, which once endorsed by the PM, will be announced and brought into effect from September 16, as stated by ARY News.
Meanwhile, in July, widespread public anger erupted across Pakistan following yet another increase in the prices of petrol and diesel, with citizens accusing the government of neglecting the needs of the poor amid ongoing economic distress.
A resident, Imran, expressed his frustration over the latest fuel price hike, questioning the government's pricing policy. "I don't understand one thing. Petrol prices are going down in international markets. And when prices go down in international markets, our prices go up," he said."Now you can imagine, in one month, the price of petrol has increased twice. Where should the poor people go? They are increasing the prices of K-Electric, they are increasing the prices of gas, they are increasing the prices of petrol," he added.
Expressing a sense of helplessness, Imran added, "The government is not looking at the poor people. In my opinion, the prices of petrol should go down. Everywhere in the world, when the prices of petrol go down in international markets, in those countries, the prices go down."
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