Long queues at petrol pumps across the country after price hike fears – Business

ISLAMABAD: Rum­ours of a massive hike in petrol prices resulted in long queues at petrol pumps in many parts of the country on Saturday.

According to reports be­­ing shared on social media, the prices of petrol and diesel are expected to go up by anywhere bet­ween Rs45 to Rs80 on Feb 1.

“We saw a report on soc­ial media that oil prices will go up due to the surge in the dollar’s value and int­ernational petroleum rates,” Hassan, who queued at a petrol pump, told Dawn.

According to media rep­orts, a similar situation was experienced in other areas. Petrol was available at only 20 per cent of the pum­ps in Gujranwala, while severe shortages were also repo­rted in Rah­im Yar Khan, Bahawalpur, Sialkot and Faisalabad, Geo News said.

However, an official told Dawn the rum­ours were unfounded and urged people to not take them seriously. He said a summary for a price revision for the next two weeks has not yet been prepared by Ogra.

“Under the ongoing mechanism a summary by Ogra is forwarded to the petroleum division which sends it to the finance ministry,” he said, adding the summary is forwarded on the day when price revisions are due.

He said if the impact of rupee devaluation and international oil prices is accounted for, it will be reflected in the calculations for fortnight starting from Feb 15.

Published in Dawn, January 29th, 2023

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