Liquefied petroleum gas (LPG) prices has risen in Karachi after the supplies were disrupted due to the ongoing regional situation.
Price of LPG in Karachi has increased by Rs30 per kg making it reach retail price of Rs330 per kg. The official price of the LPG was earlier set at Rs226 per kg.
After the increase in price of petroleum products recently, a new wave of inflation is being experienced throughout Pakistan. The increase in the price of petrol has began affecting the price of day-to-day items, transportation and food items and now weights of Petrol has also gone up.
Citizens say that transport fares increased immediately after the price of petrol was increased but at the same time the price of vegetables, fruits and other essential commodities has surged.
Shopkeepers are attributing higher petrol prices to the increased cost of transporting goods, and are consequently having to increase prices.
Meanwhile citizens have urged the government to lower the prices of petroleum products and take effective measures to control the inflation rate.
Iran conflict drives global oil surge as Pakistan raises petrol prices
Pakistan has increased the prices of petrol and diesel by Rs55 per litre, as global oil markets react to rising tensions linked to the war involving Iran.
According to a statement made by the Federal Petroleum Minister, the new fuel prices have raised till Rs55 per litre for both petrol and diesel.
The new prices will be in effect starting after 12:00am, immediately across the country.
If calculated, the new petrol price will be Rs321 per litre, reflecting the pressure from higher international oil prices.
Government officials proposed to Prime Minister (PM) Shehbaz Sharif to increase the fuel price by Rs110 per litre, as the increase was necessary due to global price pressure.
However, PM Shehbaz gave relief to the public by directing that the increase should be reduced and limited to about Rs55 to 60 per litre.
According to experts, if prices in Pakistan are not adjusted according to the global market, smuggling may increase due to cheap fuel.
In such a case, the risk of fuel being illegally diverted to Afghanistan and India increases, which may cause further economic loss to Pakistan.
Also read: Iran conflict drives global oil surge as Pakistan raises petrol prices
