Petroleum Prices See Record Hike in One Month

Petroleum prices have been revised to record level as the federal government decided to increase petrol (RON 92) to Rs. 99.50 per liter. High Speed Diesel price is increased to Rs. 119.31, Kerosene Oil price is increased to Rs. 87.70 per liter while Light Diesel Oil price is increased to Rs. 80.91 per liter. Government has said that prices have been increased primarily due to increase in international prices and depreciation in value of Pakistani Rupee. It said that prices hike is in line with OGRA’s recommendation and the government decided to increase prices exactly how OGRA had recommended due to a tight fiscal position. New prices will be effective immediately, starting July 1st, 2018.