Pakistan hikes LPG prices by PKR 79 per kg

Pakistan has increased the price of Liquefied Petroleum Gas (LPG) by PKR 79 per kilogram, bringing the official rate to PKR 304. However, the hike has failed to curb shortages in the market. The profiteers are reportedly selling LPG at PKR 480 rupees per kg. This sharp increase comes as supply chains are strained after the US-Israel war on Iran curtailed the gas exports from the Middle East. Pakistan, which is running out of local natural gas reserves, heavily depends on imported LPG to meet domestic demand. It is used for cooking at homes and restaurants due to chronic shortage of natural gas. Experts warn that the rising LPG prices will add to inflationary pressures, increasing costs for food, restaurants, and small businesses across the country. Pakistan, which imports bulk of its petroleum supplies for local consumption, has been forced to increase the prices of petrol, diesel and gas as war in Iran drags on. A day ago, the government increased the price of petrol by PKR 137.3 and diesel by PKR 184.49, bringing them to the highest-ever mark of PKR 458.47 and diesel PKR 520.35 per liter, respectively.