Petroleum products prices go up for next fortnight
As per public anticipations Petroleum products prices has been revised upwards by Oil and Gas Regulatory Authority (OGRA). A notification regarding enhanced Petroleum products prices has been issued. The new prices will be effective 1st of August for the next fifteen days.
As per notification providing details of increase in Petroleum products prices, price of petrol has been revised upwards by PKR. Rs7.67 and new price will be PKR 93.79 per litre. Similarly price of diesel has to go up Rs4.58 and will be sold at Rs101.79 per litre. HOBC has witnessed an increase of PKR7.64 per litre making it available at PKR 120.16.
The price of Kerosene oil has surged to PKR 92.83 after an increase of PKR 4.64 per litre.
Anticipating increase in Petroleum products prices petroleum dealers either stopped sale to bag realize profits on their existing stocks. Due to nonexistence of regulatory mechanism masses have to undergo similar sufferings every fortnight as dealers stop sales anticipating change in prices.
Recent increase in Petroleum products prices is expected to bring a new wave of inflation and add to the worries of already economically depressed public. Price enforcement mechanism of the government is almost non-existent and no body fears overcharging. Ultimately this is the labour and salaried people class who has to bear the whole burden of increased prices as they have no option to pass it on.
For Government of Pakistan Petroleum products are a good source of revenue and they are usually reluctant to pass on the benefit to the consumers in case of decrease in Petroleum products prices in the international market.
While a small tremble upwards in Petroleum products prices results in passing on the buck to the consumers with a premium. Same trend is followed throughout the economy and it is end consumers who ultimately pay for increase in Petroleum products prices.