ISLAMABAD: Masses will have to bear an additional burden in near future in the form of sky-high inflation as the government has jacked up the prices of all petroleum products by up to Rs 5.19 per litre for the month of November apparently to control the budget deficit.
According to government decision regarding new price of POL (petroleum, oil and lubricants) products for November, per litre price of Kerosene oil and high speed diesel (HSD) has witnessed increase of Rs 5.19 per litre, while light diesel oil (LDO) price raised by Rs 3 per litre and the price of petrol by Rs 2.49 per litre. The Oil and Gas Regulatory Authority (OGRA) in wee hours of Tuesday issued notification of heavy hike in oil prices for the month of November 2017.
With effect to the government decision of raise in the oil prices, petrol price has reached at Rs 75.99 per litre from the current Rs 73.50 and HSD to Rs 84.59 from current Rs 79.40 per litre. Similarly, the price of kerosene oil after a heavy increase has reached at Rs 53.19 per litre.
Earlier, OGRA had recommended the government to increase the price of petrol by Rs 2.49 per litre and high-speed diesel (HSD) by Rs 5.19 per litre for November 2017. In the monthly review for November, OGRA also proposed an increase of Rs 15.99 per litre in the price of kerosene oil and Rs 12.63 per litre increase in light diesel oil (LDO) price.
It is worth mentioning that heavy increase in the per litre prices of all POL products will jack up the inflation rate and consequently prices of daily use items especially, fruits, vegetables, transport fares etc will witness heavy hike which in result will add miseries to the already overburdened masses. Besides, the public is facing the third raise in POL prices during the third month of current prime minister’s rule.
