After a delay of six days, the government surprised the people of Pakistan by announcing an increase in the petrol prices at extremely late night.
The standard procedure is to announce revised prices around midnight. However, this time, the notification by the Finance Division came two hours late, around 2 am.
According to an official statement released by the Ministry of Finance, the price of petrol (MS) has been increased by Rs. 1.45 per liter. The new price of petrol will be Rs. 237.43.
“In the wake of fluctuating global oil prices and exchange rate variation, the government has decided to revise the prices of petroleum products. The new prices will be effective from 21st September 2022 (Today),” the statement by the Finance Ministry said.
Read more: Is the hike in petroleum products’ prices justified?
The price of High-Speed Diesel (HSD) has been unchanged therefore it will remain the same at Rs247.43 per liter. On the other hand, the price of kerosene has been decreased by Rs. 8.30 per liter to Rs. 202.02, while the price of light diesel oil has also been decreased by Rs. 4.26 per liter to Rs. 197.28.
Prices of petroleum products have been revised. pic.twitter.com/bfqBMnPyIi
— Ministry of Finance (@FinMinistryPak) September 20, 2022
Predictions on petrol prices go wrong?
The petrol prices are revised fortnightly in Pakistan, however, this time around the incumbent government remained indecisive, leading to a delay of six days. The delay discouraged petrol pump owners from purchasing petroleum products.
On the other hand, it was predicted that the petrol prices would go down, especially since the international oil prices are also on a downward trend, but the government continues to increase the prices.
Moreover, Finance Minister Miftah Ismail had said that the petrol or diesel price will either be increased or decreased through a nominal change of just Rs 0.08 per liter. The Finance Minister’s statement is a contradiction to the latest increase in petrol price.
Read more: Govt to jack up petroleum levy on IMF demand?
As a result of the inconsistencies in the economic policies, the government has often been the target of much criticism by the public and its political rival PTI.
“While international prices are going down, the imported government has increased once again petrol prices by Rs. 1.45! Pakistan asked for relief, not more inflation!” PTI wrote on Twitter.
While internationally prices are going down, the imported government has increased once again Petrol prices by Rs1.45! Pakistan asked for relief, not more inflation! pic.twitter.com/zMAiFvi8ud
— PTI (@PTIofficial) September 20, 2022