Petrol, diesel prices go up again

The government has made a massive hike in petrol and diesel prices after making tall claims of providing relief to the masses, ARY News reported.

A massive hike of Rs26.2 per litre was made on petrol and the new price would be Rs331.38 per litre.

Moreover, Rs17.34 was jacked up on diesel and the new price would be Rs329.18 per litre.

Within a month, the caretaker government hiked the petrol price by Rs58 per litre and diesel by Rs56 per litre.

Meanwhile, the State Bank of Pakistan (SBP) claimed to gradually reduce the inflation while announcing the new monetary policy.

Economic experts warned of a fresh wave of inflation after the massive hike in petrol and diesel prices.

Last week, the Economic Coordination Committee (ECC) approved increasing the margin of petroleum dealers and oil marketing companies (OMCs).

The caretaker government approved hiking the sale margin of petrol and diesel by Rs3.5 per litre.

The decision was taken in the session of the Economic Coordination Committee (ECC) chaired by Caretaker Finance Minister Shamshad Akhtar earlier in the month, The committee approved hiking the petrol and diesel sale margin for OMCs and dealers.

It was reported earlier that the government was planning to hike petroleum prices as global commodity prices continue to rally.

The Oil and Gas Regulatory Authority (Ogra) was expected to announce new prices on September 15 based on the average international crude oil prices.

On September 1, the caretaker government increased the price of petrol by Rs 14.9 per litre.

The petrol rate had reached to Rs305.36 per litre with the increase of Rs 14.9 per litre, whereas, the price of high-speed diesel (HSD) was increased by Rs18.44 per litre to Rs311.84.