Pakistan is witnessing an upcoming surge in petroleum product prices, with the interim government planning to raise costs by Rs 10-24 per litre over the next two weeks. This move is expected to further burden citizens already grappling with inflation and high electricity bills.
According to recent posts on social media, the new petrol price is anticipated to reach Rs 312, reflecting a substantial increase of Rs 22 per litre. Similarly, diesel prices are projected to rise to Rs 323 after a hike of Rs 19.60.
Despite the viral posts causing public uproar, it should be noted that the official government stance on these price updates has not been confirmed.
Insiders familiar with the matter have revealed that the driving factors behind this price adjustment are the escalating global oil prices and the significant devaluation of the local currency. If the government decides to offset the impact of currency depreciation on the public, the price increase could even reach Rs 24 per litre.
As of now, the current petrol price is at Rs 290.45, while diesel is priced at Rs 293.40. Given the ongoing strain on the Pakistani rupee, petrol prices could potentially surpass Rs 300 per litre.
The impending price change will lead to a Rs 20 per litre increment in the cost of High-Speed Diesel, pushing it up to an expected Rs 313.40 per litre. Other petroleum products like Kerosene oil and Light Speed Diesel might also experience an increase of up to Rs 14 per litre.
In the previous two-week review, fuel prices had already seen an uptick, collectively raising the cost of fuel by around Rs 40 per litre. This latest price hike is likely to exacerbate the prevailing inflationary challenges across all commodities, contributing to the financial difficulties faced by the Pakistani population.
FAQ
Petroleum prices are rising in Pakistan?
Yes, A summary has been tabled to raise Petrol Prices by 22.45 PKR
Is the Government planning on changing Petroleum prices?
The interim government has no option but to change the prices because international gasoline hit $3.85 a gallon on Monday.
Why are petrol prices getting higher?
Adding to the supply shortfall are substantial production reductions that were declared by OPEC+, a coalition comprising prominent global oil producers, earlier this year with the intention of shoring up oil prices. This deficit has been amplified by additional production cuts implemented by key members of the alliance, notably Saudi Arabia and Russia. These measures have collectively contributed to the upward surge in oil prices.
