ISLAMABAD: The government on Friday increased the price of petrol by Rs3.20 per litre, diesel Rs2.95/litre, kerosene by Rs3/litre, and light diesel oil (LDO) by Rs4.42/litre for the second fortnight of January 2021.
The increase will be effective from today (Jan 16) till midnight of January 31. It is worth mentioning that Oil and Gas Regulatory Authority (Ogra) had recommended a Rs13.07/litre increase in petrol price, Rs11.03 in diesel, Rs10.55 in kerosene, and Rs15.33/litre increase in price of the LDO. But, the prime minister did not accept this suggestion and allowed an increase of much less than what the regulator had proposed.
After this decision, the petrol price has been increased from the existing Rs106/litre to Rs109.20/litre. Diesel price increased from the current Rs110.24/litre to 113.19/litre, kerosene price increased to Rs76.65/litre from earlier Rs73.65/litre, and LDO price increased to Rs76.23/litre from earlier Rs71.81/litre.
At the start of this month, the government had increased petrol price by Rs2.31/litre, diesel Rs1.80/ litre, kerosene Rs3.36/litre, and LDO by Rs3.95/litre for the first half of this month.
It is worth mentioning that in the international market the Brent oil price has jacked up and almost reached the pre-COVID time. On Friday, Brent futures were recorded above $55/barrel. On January 05, it was around $50.36/barrel, on January 13, it peaked at $57.38 and after that, in the last two days, it came down. Experts say that the fresh lockdown in Europe put brakes on the oil demand rebound.
Our correspondent adds from Lahore: The Pakistan Muslim League-Nawaz (PML-N) Vice President Maryam Nawaz has rejected the hike in prices of petroleum products, saying that the price of petrol has been increased for the second time this month.
On Twitter, she said that every day a new doomsday is being inflicted on the people in the mill of inflation. “You ask what the opposition wants? The opposition wants to save the people from your torment. Should we sit at home and watch your atrocities on the people? Absolutely not!” she stated.
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