Government set to explode petrol price bomb on New Year

Government set to explode petrol price bomb on New Year

Islamabad (Web Desk): The federal government is expected to raise the price of petroleum products for 2018 and the move will bring changes to the existing values.

According to details, the fuel prices will go up as high as Rs 10. The authorities have decided to add Rs 5.20 in the per litre value of petrol.

Rs 4.50 hike per litre will be made in high speed diesel rate while there will be at least Rs 6 per litre increase in the price of light diesel.

The highest price spike will be seen in the rate of kerosene oil. Rs 10 per litre increase is likely to be witnessed in its price.

When approached, the government sources responded that this price adjustment has been caused by the lift in crude oil rate across the international market which is almost two dollars per barrel.

The formal approval to raise oil prices will be given by the Ministry of Finance after fuel price regulatory body OGRA sends its summary.

It is worth mentioning that the government had hiked prices of petroleum products for the month of December.