LPG Prices Skyrocket After Govt’s Petrol Bomb

Gas sellers are now selling Liquefied Petroleum Gas (LPG) at extortionate rates after the government on Sunday notified an Rs. 10 per kg hike in the rate list. The official price of LPG is Rs. 229 per kg but it is being sold at rates as high as Rs. 310 per kg in all major cities across Pakistan. Finance Minister Ishaq Dar on Saturday announced a big increase in the price of petrol by Rs. 10 to Rs. 282 per liter. Meanwhile, the price of high-speed diesel (HSD) has been retained until the next fortnightly review. Previously, both grades were offered at Rs. 272 and Rs. 180.29 per liter, respectively. With energy prices on the rise, consumers who are already dealing with inflated prices for basic necessities will have to stretch their budgets even further. Analysts warn that gas prices have more room to rise in the near term, putting a strain on people’s budgets already reeling from Saturday’s surprising petrol bomb. Globally, oil prices rose, securing a fourth week of gains after Western energy watchdogs predicted that global demand will reach a record high this year due to a rebound in Chinese consumption. Deep output cuts recently announced by top international exporters led by Russia could worsen an oil supply deficit and harm consumers in emerging economies like Pakistan, Sri Lanka, and Bangladesh.