Watch: Why was there a hike in petrol price?
Government says it has few options left since oil prices in the international market are also recording new highs.
February 16, 2022
In a sudden move, the government increased the price of petroleum products on Tuesday night, despite and earlier announcement that the prime minster had deferred a suggestion to hike prices of petrol in the first 15 days of February.
Now the government says it has few options left since oil prices in the international market are also recording new highs.
Geo.tv explores why petrol continues to become more expensive in Pakistan and what lies ahead.
Price hike
The government on Tuesday dropped a major bombshell on the people by increasing the price of petrol by Rs12.03 per litre due to an increase in the prices of crude oil in the international market.
“The prices of petroleum products are showing a drastic increase in the international market and presently are at the highest level since 2014. Despite the unabated increase since the beginning of the year, Prime Minister Imran Khan deferred the last review of petroleum products' prices on January 31, 2022, and advised against the summary of OGRA,” said the finance division in the latest statement.
