On Sunday, The Oil and Gas Regulatory Authority announced a hike in Liquefied Petroleum Gas prices in Pakistan, as per news reports.
The price of LPG was hiked, according to an OGRA notification, to 10 Pakistani Rupees per kilogramme. According to a news report, the new LPG price has been set at PKR 229 per kilogramme. According to the notification, a household LPG cylinder now costs PKR 120 more. According to the news report, the cost of the commercial cylinder has also gone up by PKR 450.
According to the news report on Sunday, Ishaq Dar, the finance minister of Pakistan, revealed that the federal government has decided to increase the price of petrol by PKR 10 per litre for the following 15 days.
While the prices of high-speed diesel and light diesel oil stayed unchanged, the cost of petrol jumped to (PKR) 282 per litre. According to the news source, the price of kerosene oil has also increased by (PKR) 5.78 per litre.
According to a statement from Pakistan’s Finance Division, the increase in petroleum product prices is due to “increased petroleum costs in the international market and currency rate variance.”
In the absence of higher social spending, the lower-middle-income poverty rate is expected to rise to 37.2 per cent in FY23. Considering poor households’ dependency on agriculture and small-scale manufacturing and construction activity, they remain vulnerable to economic and climate shocks.