Despite the increase in prices of Brent in the international market, the government on Monday decided to keep the prices of petrol and diesel unchanged till the end of March 2021. However, the prices of kerosene have been increased by Rs3.42/litre and Light Diesel Oil (LDO) by Rs2.19/litre.
The new prices will be effective from today (March 16) till 31st March, 2021. The Ministry of Finance on Monday said, “The government of Pakistan has been absorbing the upward price fluctuation in the international market in order to provide maximum relief to the end consumers.” Petrol price will remain at Rs111.9 per litre and diesel Rs116.07 while LDO will now cost Rs81.42 and kerosene Rs83.61/litre.
It said that despite very limited fiscal space, the government had decided that the prices of petrol and high-speed diesel would remain the same.
However, the statement added, as no Petroleum Levy (PL) was being charged on kerosene oil and light diesel oil, therefore their prices have been marginally increased by Rs3.42 per liter and Rs2.19 per liter respectively due to significant rise in the international prices of petroleum products.
The price of kerosene oil has been increased by Rs3.42 per liter, which now would be sold at Rs83.61 per liter against its sale at Rs80.19 whereas the price of light diesel oil has have been increased by Rs2.19 per liter from Rs79.23 to Rs81.42 per liter.
Economic experts believe that although not increasing the petroleum products prices will put the burden on government’s kitty, however, it will help in taming the inflationary pressure in the economy. The stability of the Pakistani rupee against US dollar is also providing some relief, and over the last several weeks, it even gained strength against the greenback. Whereas, in the international market the Brent oil price has jacked up and almost reached the pre-COVID time.
APP with additional input by GVS News Desk