Govt dropped ?inflation bomb? on New Year: Bilawal slams hike in fuel prices

Pakistan Peoples Party Chairperson Bilawal slammed the hike in fuel prices on New Year and remarked that government dropped an ?inflation bomb? on the nation. Photo: File KARACHI: Pakistan Peoples Party Chairperson Bilawal Bhutto Zardari slammed the hike in fuel prices on New Year and remarked that the government dropped an ?inflation bomb? on the nation. He further remarked that the government is resorting to open rivalry and robbing the people of their due rights. Reacting to the remarks, PM's Adviser on Finance Miftah Ismail said that the price of petrol on March 1, 2013, was Rs106.60. "The inflation bomb was dropped by PPP and not PML-N," he added. Govt hikes fuel prices; petrol goes up by Rs4.6 per litre The new rate of petrol would be Rs81.53 per litre, revised prices to take effect from 12 midnight On the other hand, Jamaat-e-Islami Chairperson Siraj-ul-Haq demanded that the government should reverse the increase in petrol prices. On Sunday, the government revised the prices petroleum products increasing the price of petrol by Rs4.6 per litre, petrol to be sold at Rs81.53 now. The price of high-speed diesel has been increased by Rs3.96, after which it would be available at Rs89.91 per litre. The price of light diesel has also been increased by Rs6.25 taking it to Rs58.37 per litre. The highest increase was recorded in the price of kerosene oil i.e. Rs6.79, taking it to Rs64.30 per litre. While announcing the incrase, Ismail said the prices were increasing in the international market as well, yet the rates of petroleum products were lesser in Pakistan compared to India, Bangladesh and Turkey. Ismail said Prime Minister Shahid Khaqan Abbasi approved the increase in prices on the recommendation of Oil and Gas Regulatory Authority.