Tuesday, July 16, 2024

Here’s How Much Pakistan Likely to Increase Petrol Price Again from September 16

Inflation-hit Pakistanis may soon face another rise in petrol prices, potentially going up by as much as Rs15 per liter in the latter half of September 2023. This increase is driven by soaring global commodity prices, primarily due to a decrease in oil supply and the depreciation of the local currency.

Reports from informed sources suggest that the interim government might announce this price hike, given the ongoing surge in global oil prices. International benchmark Brent futures have reached around $92.14 per barrel, while US West Texas Intermediate crude has seen slight increases, touching $88.98 per barrel. These oil price levels haven’t been seen since November 2022.

The government has not provided an official update on the expected price change yet, and the decision will be finalized in upcoming meetings. Currently, petrol is priced at Rs305.36 per liter, and high-speed diesel costs Rs311.84 following the last revision. The federal government has been frequently raising fuel prices every 15 days.

If the mentioned increase is approved, the new petrol price will reach around Rs320 per liter. This potential fuel price hike is likely to contribute to high inflation in Pakistan, a country already grappling with food and basic commodity shortages due to its economic challenges.

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