Petrol price hit Rs159.86 all-time high in Pakistan

Islamabad: The price of per litre petrol hit all-time high in Pakistan and crossed Rs150 for the first time in the history of Pakistan after Prime Minister Imran Khan approved Rs12.03 hike in its price. 

It is pertinent to mention here that the hike was imminent after the Crude oil hit a seven-year high after a two per cent increase Monday.

After an increase in the prices of crude oil in the international market, the new price of petrol is Rs159.86 after hiking Rs12.03. Prices of other petroleum products have also been increased. 

The price of high-speed diesel has been hiked by Rs9.53 to Rs154.15. The prices of kersone oil are increase by Rs10.08 to Rs126.59 and light diesel by Rs9.43 to Rs123.97. 

The prices take effect from February 16. 

Earlier today, it was reported that the prime minister has rejected a summary forwarded by the Oil and Gas Regulatory Authority (OGRA) proposing an Rs12 increase in the price of petrol. However, the government announced the massive hike shortly before midnight. 

According to sources, the OGRA had sent a summary to the Prime Minister’s Office proposing to increase petrol price by Rs12.3 per liter. Sources said that the prime minister returned the summary to the Ministry of Finance for review following which on the directive of PM Imran, the Ministry of Finance will reconsider the increase in the prices of petroleum products.

The sources further stated that Imran Khan has said that petrol prices cannot be increased so much.