The price of petrol may rise in the coming days, as expected. According to sources, the Petroleum Division has proposed raising the price of petroleum products. “According to this advice, the petrol price may rise by Rs. 27 per liter,” the sources said, moreover the diesel price may rise by Rs. 35 per liter.
Prices were expected to rise sharply, especially after former Prime Minister Imran Khan cut prices by Rs. 10 per liter and announced that his government would not raise prices until the next fiscal budget.
Moreover, despite a rise in the international market, the government has maintained the same prices since the beginning of March. And it undoubtedly has an economic impact on the government.
The Finance Division announced on April 1st that the government would bear an additional burden of Rs. 33 billion for the two weeks (1-15 April 2022) to keep prices at the current level.
According to the former government, it decided to bear the burden in order to provide relief to the masses, who were already suffering from extremely high inflation.
Now, the new government must take the difficult step of raising prices because it is not easy to face a loss of billions of rupees.
Petrol is currently priced at Rs. 149.86, High-Speed Diesel (HSD) at Rs. 144.15, Kerosene Oil (SKO) at Rs. 125.56, and Light Diesel Oil (LDO) at Rs. 118.31.
We hope that prices do not rise by this much, but it appears that it is unavoidable. We are hopeful that interest rates will fall in the coming days, especially if the Russia-Ukraine conflict is resolved.
Do you believe prices will rise by this much? Will the new administration take this difficult step? Share your thoughts n the comments section.