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Pakistan increases oil prices finally
by Michelle RobertsOn the first of March, Pakistan for the first time in almost 22months increased the gasoline price in the country. Pakistan also raised the price of diesel. The move comes as no surprise to anyone as almost all the countries across the world has been increasing the price of gasoline because of the record level at which crude import is at the moment.
The Oil and Gas Regulatory Authority in the country, which is the governments’ regulator, has announced that they will be increasing the price of Gasoline by 5 Pakistan rupees per liter. They also said that they will raise the price of diesel by 3.5 Pakistan rupees per liter. The Authority said that the new prices that have been approved would be applicable from the first of March.
The last time the nation had increased the price of oil was way back in the month of May in 2006. At that time they had raised the price of oil by almost 4.2 percent. The nation imports almost 85 percent of the oils it requires for domestic use. The government is wary of the fact that if the fuel price increases too much it might trigger the already happening inflation. The inflation rates had reached a 33 month record high in the month of January this year. The consumer prices in the country have leaped from last year by almost 11.9 percent as per the data that was released by the Federal Bureau of Statistics.
The price at which the crude oil was traded in New York on the 29th of February was at almost $101.84 per barrel. This was very close to the record price of $103.05 which it had reached only last week. The dollar which continues to be weak against most currencies of the world encouraged the people all around the world to buy items which are priced in dollars.
Before the price rise was implemented in the nation the price of gasoline was 53.7 rupees for a liter and the cost of diesel was 32.57 rupees a liter. The technique the nation has been following for the past few years is that they will assess the domestic value of oil with the international value of oil on a fortnightly basis.
The nation in the year 2004 had created various subsidies on the price of oil to protect the citizens of the nation from the record fuel costs. It was also a measure to curb the rate of inflation in the country. According to some of the leading economists and analysts in the nation this subsidy has been costing the nation almost 14.5 billion rupees every month. This is almost $232 million. As a result of this the government was in a lot of financial stress. The stress the government was facing is said to be an important reason for the hike in gasoline price that has been implemented.
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