The federal government has again hiked down the prices of petroleum products in Islamabad. The price of petrol has been hiked by Rs 5 per litre and high-speed diesel (HS diesel) by Rs 30 per litre, according to a notification issued by the Petroleum Division.
The price of petrol after the new rates is Rs 315.71 per litre as compared to Rs 310.71 per litre earlier. Likewise, high-speed diesel has surged 46% to Rs 353.30 per litre and is being eyed as one of the biggest hikes in the diesel price in recent years.
The Petroleum Division has clarified in its notification that these prices have been implemented for July 18, and they will be applicable from 12 midnight.
The announcement is made at a time when the government has launched a new pricing mechanism for petroleum products, which will now be decided by the Oil Gas Regulatory Authority (OGRA) daily, considering the variations in oil prices in the global market.
The sharp rise in the cost of diesel is also expected to affect transport, the agricultural sector and the cost of essential goods, while the cost of petrol is likely to further increase the cost of travelling for common people, say the experts who are associated with the energy sector. The government believes, on the other hand, that the new prices are being fixed in relation to the international prices of crude oil.
