ISLAMABAD: Petroleum products prices are all set to mount by Rs. 4 to 7 per liter today midnight, at the start of the New Year, as the federal government has refused to give additional subsidy.
Oil and Gas Regulatory Authority (OGRA) spokesperson, Jawad Nasim while addressing a press conference said that the government has decided to increase overall petroleum products prices by five to nine percent as per the changes in the international market.
With the beginning of new-year at 12 am, petrol will become expensive by Rs6.71 per litre; diesel price will go up by Rs4.25 a litre; Kerosene oil Rs 4.04 and; Light Diesel Rs 4.36 and; rate of High Octane will shoot up by Rs 7.69 a litre.
The government has withdrawn the reduction made in petroleum levy in the previous month, sources said.
As usual, sale of petrol and diesel was suspended at many petrol pumps across the country soon after the reports of rise in prices of petroleum products aired on media.
The fresh increase in prices of petroleum products will unleash a massive spell of price spiral, further burdening the people who are already unable to bear the existing inflation.