ISLAMABAD: The coalition government led by Shehbaz Sharif has so far approved four price hikes, totaling a massive Rs99.15 per litre in petrol and Rs132.39/litre increase in the price of high-speed diesel.
As per details, after the ouster of former Prime Minister Imran Khan through a no confidence motion in the National Assembly (NA), the incumbent coalition government from the start of its rule on April 11, 2022, till July 1, in the country has so far jacked up the prices of POL products massively.
On Thursday, the coalition government since the inception of its rule increased POL prices the fourth time by up to Rs18.68/litre for the next 15 days as the coalition government decided to ‘partially’ apply the petroleum levy of Rs10/litre in petrol price, and Rs 5/litre in HSD, kerosene oil and LDO prices.
The price of petrol was increased by Rs14.85/liter from Rs233.89 per litre to Rs.248.74 per litre. Similarly, the price of high-speed diesel (HSD) was increased from Rs263.31 to Rs276.54, an increase of Rs13.23 per litre. Likewise, the price of kerosene oil increased by Rs18.83 per litre, from Rs211.43 to Rs230.26 whereas the price of light diesel oil (LDO) was increased by Rs18.68 per litre, from Rs207.47 to Rs226.15.
It may be pointed out here that the government did not increase the prices initially despite the pressure of International Monetary Funds (IMF) to approve an increase in this regard. However, later it scumbled to the threat of IMF that the fund will not restore the loan programme and revised the prices of POL products on 26th May and approved up to Rs30 per litre hike in POL prices. And after this up to Rs30/liter increase in all POL products prices, the petrol price soared to Rs179.86/liter from Rs149.86. Similarly, HSD prices increased from Rs144.15/litre to Rs174.15/liter. Likewise, Kerosene oil (SKO) price increased from Rs125.56/litre to Rs155.56/litre whereas LDO price was increased from Rs118.31/litre to Rs148.31/litre.
In another decision of hike in POL prices, oil prices were jacked up by up to Rs30/litre on June 2 under which petrol price was increased from Rs179.86/litre to Rs209.86, an increase of Rs30/litre. Similarly, HSD price was increased from Rs174.15/litre to Rs204.15/litre, an increase of Rs30/litre, Rs26.38/litre was approved in the price of SKO and resultantly the price of SKO increased from Rs155.56/litre to Rs181.94/litre whereas price of LDO was increased by Rs30/litre from 148.31/litre to Rs178.31/litre.
In a third move on June 15, the government notified an increase in petrol price by Rs24.3/litre and as a result of this petrol price reached at Rs233.89/liter. HSD price was increased by Rs59/liter from Rs204.15/liter to Rs263.31/litre. The SKO price was increased from 181.94/liter to Rs211.43/liter, an increase of Rs29.49/liter whereas LDO price was increased from Rs178.31/liter to Rs207.47/litre, an increase of Rs29.16/litre.
It is pertinent to mention here that due to such massive increases in the prices of POL products, fares of public transports have witnessed a record increase while prices of daily use items have also soared to an unprecedented level. Furthermore, these hikes have affected the daily budget of a common man.