Monday, October 2, 2023

Huge Increase in Petrol Price Expected in Pakistan from Tomorrow

Petroleum products are expected to get pricier starting from August 16, as reported by Daily Jang. The caretaker government is set to reveal new prices on August 15.

The cost of petrol is likely to go up by Rs15 per liter, and diesel’s price may rise by Rs20 per liter, says the publication. This potential increase in prices is because of the rise in global market prices for these products.

Jang mentions that the price of crude oil has gone up by $5 per barrel, going from $86 to $91 per barrel. This contributes to the overall increase in the prices of petroleum products globally. Additionally, there’s an extra charge of $2 per barrel on crude oil.

Furthermore, the price of diesel and petrol in the worldwide market has also increased by $5, going from $97 per barrel to $102 per barrel.

If these prices stay as they are, in Pakistan, petrol might become costlier by Rs15 per liter, and diesel might go up by Rs20 per liter.

In the previous review, the outgoing government had raised the prices significantly by Rs19 per liter for both petrol and diesel. They mentioned that this was done to meet the demands of the International Monetary Fund (IMF).

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