Islamabad (Special Reporter):
Despite a decline in petroleum prices in the international market, the federal government has increased the prices of diesel and kerosene oil, triggering concerns of a new wave of inflation across Pakistan. Acting on the instructions of Prime Minister Shehbaz Sharif, Federal Minister for Petroleum Ali Pervez Malik approved the price hike, which citizens fear will further burden the already struggling economy.
Following the 27th Constitutional Amendment, the government announced a rise of Rs. 6 per litre in high-speed diesel. Economists warn that this will lead to an increase in transportation fares and, consequently, a surge in the prices of essential commodities nationwide.
Sources reveal that OGRA Chairman Masroor Khan allegedly provided inaccurate data to the federal government, leading the Ministry of Finance to recommend the increase. Subsequently, the Finance Ministry issued a notification confirming the new prices.
According to the notification, kerosene oil has seen a significant rise of Rs. 9.29 per litre, setting the new price at Rs. 194.34 per litre, up from the previous Rs. 185.05. The revised prices are effective immediately. The price of petrol, however, remains unchanged for the next 15 days.
Sources claim that while global crude oil prices stand at $60 per barrel—similar to the price during the 2019 COVID-19 period—the domestic government continues to raise petroleum prices, further intensifying public frustration.
With the latest increase in diesel prices, market analysts fear that Pakistan is on the brink of yet another inflationary storm.