Tremendous Hike In Petroleum Prices May Increase For The Next Fortnight

It is expected that the fuel prices may increase from January 16 to January 31.

As global market trends change, the prices in the Petroleum industry fluctuate. The significant fluctuations in Petrol prices lead to massive unrest among people, especially middle and lower-class people. Pakistan has been facing a difficult time after the dethroning of ex-premier Imran Khan.

The current government, however, stated that the previous government did not handle the country’s matter effectively. Due to the negligence of the previous government in the country’s affairs, Pakistan suffered a huge economic loss in the foreign market. 

The Federal government, along with the higher authority, is struggling to regain Pakistan’s loss. However, with the grace of Almighty Allah, Pakistan is on the way to getting better, but it is affecting Pakistanis badly. The government is forced to take serious and harsh steps in order to stabilize the country’s economy. That is why the government wants its people to fully cooperate with them to bring stability to the country.

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A hike in petrol prices is one of those harsh and severe steps taken by the government. People are affected badly due to the massive hike in petrol prices. It’s becoming difficult for people to manage their daily accommodation with travel expenses. Still, people are bearing this injustice.

Recently it is expected that the Federal government is thinking of raising fuel prices for the fortnight from January 16 to January 31. The petrol price can increase by Rs 3.50 per liter, diesel could increase by Rs 5, and the Kerosene oil price could increase by more than Rs 6.

The Oil and Gas Regulatory Authority (OGRA) has received a written paper embodying adjustments in fuel prices by the Petroleum industry. After reviewing the paper on January 15, the OGRA will fix the petroleum prices to be implemented from January 16 to January 31. But the final verdict will come out after getting approval from the Prime Minister of Pakistan, Shahbaz Sharif. After getting approval, the Ministry of Finance will issue a formal notification showcasing a hike in petroleum prices.