Fuel prices raised by up to Rs 8

The government has yet again raised prices of petroleum products by up to Rs 8.14 per liter with effect from today (Saturday). CNG prices are also likely to rise by up to Rs 7.11.
The Petroleum Ministry had received recommendations by the Pakistan State Oil (PSO) and the Oil and Gas Regulatory Authority (OGRA) to raise POL rates from September 1. Petroleum Adviser Dr Asim Hussain had reportedly suggested maintaining POL prices at the current level, however, the Finance Ministry dismissed the advice and decided to transfer the full effect of POL price increase to the consumers. The government has raised POL prices on the pretext of hike in international oil prices. According to a notification issued by OGRA, the per liter price of petrol will increase by Rs 7.77 a liter, diesel by Rs 5.94, high octane by Rs 8.18, light diesel by Rs 5.54 and kerosene oil by Rs 5.86 per litre. The government had only increased the price of petrol by Rs 3.21 per liter on August 22, and the new hike is set to further burden the masses.
Twenty days before that on August 1, the POL prices had been raised by up to Rs 7.66 per liter in line with a purported rise in international oil prices. The price of petrol had been increased by Rs 7.66 per liter, diesel by Rs 4.58 and HOBC by Rs 7.64 per liter. Kerosene had also gone up by Rs 4.64 per liter.
In June, the government provided a major relief to motorists by slashing POL prices by up to Rs 11.75 per liter.
Back then, the price of petrol had been lowered by Rs 10.46 per liter, high octane blended component by Rs 11.75 per liter, kerosene oil by Rs 5.26 per liter, high speed diesel by Rs 6.08 per liter and light diesel oil by Rs 5.02 per liter.
Besides POL prices, a major cut in CNG prices had also been notified of up to Rs 4.82 per kg. Although many had called the unprecedented reduction an election stunt and attempt to gain political mileage, the people had generally welcomed the much needed fall in price of some commodity. But the government appears to be making up the lost ground at the speed of light and has now devised a weekly mechanism to monitor and review POL prices. The prices were earlier being reviewed on a fortnightly basis.