Another bombshell is set to drop at the already inflation-hit masses, as the ruling coalition government is likely to jack up POL prices up to Rs 5.35 per liter with effect from the start of next month.
Sources privy to the development informed TheNation that the incumbent government is set to give a hike up to Rs 5.35 in the prices of petroleum oil and lubricants (POL) products from December. This massive surge is calculated after measuring the impact of the price of Gulf crude oil, which has shown an upward trend from $105 and has now reached $112 per barrel till this effect. They informed that a massive surge of Rs 5.35 per liter is likely in the price of Light Diesel Oil (LDO) while the price of high-speed diesel (HSD) oil is set to go up by Rs 4.32.
A boost worth of Rs 1.20 per liter in the price of petrol is also near to play while a massive hike measuring Rs 4.50 per liter in the price of kerosene oil is expected next month. However, a decline of Rs 1.35 per liter is possible in the price of high-octane blended component (HOBC), the sources added.
Economic pundits at the same time argue that this expected surge in POL prices would unleash a new tsunami of price hike for Pakistanis and would also make the mobility literally unaffordable for commoners. Furthermore the likely fresh hike in oil prices pushing up the overall inflation and making it all the more harder for the common man to meet both ends. The expected increase in price will eventually affect everybody regardless of their status but it will exclusively affect the salaried class and the underprivileged sections of the society more so than the others. There will be further increase in inflation by the risen prices of oil products, and our industrial production will face more hindrances, which are already under the adverse effects of gas and electricity shortage. However, the fresh increase in prices of petroleum products will also unleash a massive spell of price spiral, further burdening the people who are already unable to bear the existing inflation.
2 years ago