Increase in Petrol Price: Government’s Gift On The Labor DayIncrease in Petrol Price: Government’s Gift On The Labor Day

Increase in Petrol Price: Government’s Gift On The Labor Day

Increase in Petrol Price: Government’s Gift On The Labor Day: Gift by the government of Pakistan is given to the countrymen on the international labor day. The government has increased the price of petrol by Rs. 1.70 per litre following the hike in global oil prices. The increased rate is effective from May 1st, 2018 that is today.

As per details, the consumers will bear another price hike in petroleum products for the month of May as the government has revised the prices of petrol by Rs 1.70 per litre. As per notification issued by the Finance Division, the new price of petrol is Rs. 87.70 per litre.

Increase in Petrol Price: Government’s Gift On The Labor Day
Increase in Petrol Price: Government’s Gift On The Labor Day

High-Speed Diesel (HSD) is increased by Rs. 2.31 per litre, while the price of Light Diesel Oil (LDO) has also been increased by Rs. 3.55 per litre. The price of High Speed Deisel has been increased to Rs. 98.76 per litre and LDO at Rs. 68.85 per litre.

Kerosene has been increased by Rs 3.41 per litre and will be available at Rs. 79.87 per litre.

While OGRA had proposed to increase Petrol price by Rs. 3.22 per liter, HSD by Rs. 5.02 per liter, SKO by Rs 6.97 per liter and LDO by Rs. 6.95 per liter.

Besides petroleum prices, an increase has also been recommended in the levy on petroleum products.

Oil prices are revised on the last day of every month and government has increased the price of petrol for the 5th time in the last three months. This price hike affects the rate of inflation since petroleum products are widely used in the transport and agriculture sectors. Oil is a life line of the commercial hubs, industries and the public in general. Ousted Prime Minister Nawaz Sharif kept the prices unchanged for almost four years where as current the Prime Minister Shahid Khaqan Abbasi is keeping the rate of petroleum products on gradual increase.

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