Monday, July 22, 2024

Petrol, Diesel in Pakistan Expected to See Another Massive Hike from Tomorrow 16th September

The prices of petrol and diesel in Pakistan are expected to increase significantly in the next pricing review due to rising global oil prices. This anticipated hike comes as a result of increased international crude oil prices and fluctuations in the exchange rate of the Pakistani rupee against the US dollar. Specifically, petrol prices may rise by Rs16 per liter, and high-speed diesel (HSD) prices could increase by Rs13.66 per liter.

The primary factors contributing to these price increases are the depreciation of the Pakistani rupee against the US dollar and the overall upward trend in global petroleum product prices.

While there may be some relief if the rupee strengthens or the dollar weakens further in the coming days, it is unlikely to fully offset the impact of global oil price increases.

The government periodically adjusts petroleum prices based on recommendations from the Oil and Gas Regulatory Authority (Ogra), with the final decision resting with the finance ministry. This adjustment is part of an agreement with the International Monetary Fund (IMF) under a $3 billion standby agreement.

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