Fuel prices hiked again

While petrol price was hiked by Rs 1.29 a litre and price of diesel was increased by 97 paise.

Earlier today it was reported that the government has maintained prices of petroleum products for the month of January.

The previous hike in the price of petrol was Rs 2.21 per litre and in the price of diesel was Rs 1.79 per litre.

Drivers buying diesel fuel will have to add another nearly 16 cents to the price seen at a Speedway station seen on Route 9 in Woodbridge on Dec 21 due to a state tax increase taxing effect January 1.

The government has also chose to review the decision of fixing oil prices on a fortnight or monthly basis.

The minister said the prices of light diesel and kerosene oil, which were used by the common man, would remained unchanged for whole next month while those of petrol and diesel would be reviewed after 15 days.

At the end of December the average pump price for diesel was 119.6p per litre, while petrol was 117.2p, according to fuel price analyst Experian Catalist.

"The only partial increase in MS petrol and HSD of what had been recommended by OGRA was passed on to the end consumers for only the month of December 2016", Finance Minister Ishaq Dar said in a statement.

However, the Prime Minister directed to keep the prices unchanged, he added.

Dar said that during the last six months, the prices of petroleum products had not been raised, and maximum relief was provided to the people.

Since the agreement to curb oil production by members of the oil producers' cartel Opec in November, the price of a barrel of Brent crude, the worldwide benchmark, has risen to $57 from below $45.

  • David Armstrong