Gas sellers are now asking exorbitant prices for Liquefied Petroleum Gas (LPG) after the government announced an Rs. 10 per kg increase in the rate list on Sunday.
The official price of LPG is Rs. 229 per kg, but it can be purchased for as much as Rs. 310 per kg in all major cities in Pakistan.
On Saturday, Finance Minister Ishaq Dar announced a significant hike in the price of fuel by Rs. 10 to Rs. 282 a liter. Meanwhile, the high-speed diesel (HSD) price has been set until the next fortnightly review. Previously, both grades were available for Rs. 272 and Rs. 180.29 per liter.
Consumers who are already dealing with high pricing for basic needs will have to strain their budgets even further as energy prices rise. Gas prices, according to analysts, have more room to grow in the short future, putting a burden on people’s budgets that are already bleeding from Saturday’s unexpected fuel bomb.
Oil prices increased globally, extending their winning streak to a fourth week after Western energy analysts forecast that global demand will hit a new high this year owing to a comeback in Chinese consumption.
Huge output cuts promised lately by big international exporters led by Russia might aggravate an oil supply deficit and affect consumers in emerging economies such as Pakistan, Sri Lanka, and Bangladesh.
