Petrol Price Hits Record-High at Almost Rs. 148 Per Liter

The turbulence in oil prices all over the world continues its assault on the petroleum industry. As per a recent update, the government has increased the price of petroleum for the second time this month. The prices of both petrol and High-Speed Diesel (HSD) have reportedly gone up by Rs. 3 per liter, while kerosene oil and light diesel fuel have been upped by Rs. 3 per liter and Rs. 3.33 per liter respectively. The new prices are as follows:   The Finance Division stated that petroleum products have had a weekly increase for the fourth consecutive time in the international market. “They witnessed an increase of 6.2% during last week,” it noted. However, the government claims to have hacked the sales taxes on petroleum products even more amid the global rise in oil prices to absorb the impact of the price hikes. The Ministry of Finance affirmed that it would bear losses up to Rs. 2.6 billion in revenue because of the sales tax reduction. It added that “the government has decided to make a partial increase in the prices of petroleum goods to provide relief to the end consumers”. Experts speculate another increase in the prices of oil in the coming days, which means that the price of petrol may cross the Rs. 150 per liter mark next month.