Why petrol was made expensive? The real reason came out as the government has put the burden of devaluation of the Pakistani currency on the masses to counterbalance the losses of Pakistan State Oil (PSO).
According to the 24News HD TV channel, the PSO faced a great loss following the currency exchange rate last month and now Oil and Gas Regulatory Authority (OGRA) increase the exchange rate adjustment to recover the losses.
The channel report said, by increasing the petrol prices for the second half of the current month, the exchange adjustment of PSO was further increased by Rs4.40 per litre to Rs8.02 per litre.
Earlier, the PSO Exchange Adjustment was just Rs3.62 per litre. The PSO exchange adjustment has been made a part of the petrol price
OGRA has also increased the Inland Freight Equalization Margin (IFEM) on petrol by Rs1.18 per litre and fixed it now at Rs5.84 per litre.