The government has, on Saturday, announced a massive spike in the prices of all petroleum products for the next 15 days – with immediate effect.
As per the notification that the Ministry of Finance has issued, the price of petrol has been increased by a whopping Rs10.49 per litre. The cost of high-speed diesel has been spiked by Rs12.44.
On the other hand, the price of kerosene oil has also been increased by Rs10.95, whereas light speed diesel’s price has been spiked by Rs8.84.
The ministry said that in the current scenario, the government had tried its maximum to absorb the pressure and provide relief to the consumers by keeping the Sales Tax and Petroleum Levy to a minimum. Therefore, the prices that OGRA initially calculated have been approved.
“At present, oil prices in the international market have risen around $85 per barrel (Global Benchmark Brent) – which is the highest since October 2018,” said the notification.
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The Ministry of Finance added that the entire energy chain prices had seen a strong surge in the last couple of months due to much more demand for energy spots and bottlenecks in supplies.
It merits mentioning that the new spike in the prices of petroleum products will be enforced from October 16 (today).
Therefore, from today, the new price of petrol is Rs137.79 per litre. Similarly, high-speed diesel will cost around Rs134.48 per litre.
Furthermore, kerosene oil will be available at Rs110.26 per litre, and light diesel oil will cost Rs108.35.