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Oil prices raised by about 11.8%

ISLAMABAD - The government has further increased prices of petroleum products by 4.8 to 11.8 per cent, on the heels of sharp rises in oil prices in the international market.

The hike in PoL prices, third in two months, was announced under a pricing formula that has been under fierce attack by the opposition and the allies alike. The new prices became effective from May 1.
The Oil and Gas Regulatory Authority (Ogra) has notified the increase in prices of petroleum products. According to the notification petrol prices have been increased by 5.8 per cent to Rs88.41 per litre. High-speed diesel rates have gone up 4.8 per cent to Rs97.31 per litre. Kerosene prices have gone up by 6.7 per cent to Rs89.70 per litre and prices for high-octane fuel has risen by 1.8 per cent to Rs99.92 per litre. Light diesel fuel rates went up by 11.8 per cent to Rs88.30 per litre.
Last month the government increased the prices of petroleum products by between 9 per cent and 13 per cent, which drew severe criticism from across the political spectrum. Business community and consumers society have protested against the price increase which has domino effect on price structure of all consumer items due to increase in freight and transport.
Several political parties, including the government’s coalition ally, the Muttahida Quami Movement (MQM) and the opposition Pakistan Muslim League-Nawaz have been proposing a review of the government’s pricing formula for domestic retail prices of petroleum products. Now, they have been joined by several independent economists who have also criticised the formula.
mafzalkhan@yahoo.com

• Pakistan