When back-to-back increase in petrol price has escalated the prevailing financial turbulence and shattered the incumbent government, the ruling pundits have decided to make things simpler.
Weeks ago, government took a step and agreed to deregulate the petrol products prices under the new proposed mechanism.
After the recent meeting held between Oil Marketing Companies (OMCs) and Oil and Gas Regulatory Authority (OGRA), reports have disclosed that petrol prices in Pakistan are likely to deregulate from November 1, 2022.
On other hand, petroleum dealers have rejected the decision stating that Oil and gas Regulatory has not even bother to consult them the matter. In a ceremony, Pakistan Petroleum Dealers Association (PPDA) rejected the policy.
Still, New Hikes Expected
It is relevant to mention that the new proposed policy of deregulation will bring no relief for the masses. 17% increase in sales tax and further hike in petroleum levy to reach Rs. 50 will make the inflation stricken salaried class to witness a new spike in petrol prices.
Current Prices
The petrol price in Pakistan has been increased by Rs. 2.07, taking the rate to Rs. 235.98 from previous Rs. 233.91. Meanwhile, the high-speed diesel (HSD) price has been hiked by Rs. 2.09 and it will now cost Rs. 247.43 compared to Rs. 244.44
Furthermore, the new rate of Kerosene Oil is Rs. 210.32 from Rs. 199.40 as it saw a jump of Rs. 10.92. And last but not least, light diesel oil (LDO) has observed an increase of Rs. 9.79, taking the price to Rs. 201.54 from Rs. 191.75.
As per the notification from the Finance Division, the new prices are applicable from September 1, 2022.
What do you think about proposed policy to regularize the POL products. Drop your thoughts in the comments section.