ISLAMABAD: The federal government of Pakistan is reportedly considering an increase in petroleum prices, with a potential surge of up to Rs24 per litre anticipated for the upcoming fortnight. The proposed adjustment is believed to reflect the recent upward trend in global oil prices over the last 15 days.
According to local media reports, the potential price adjustments include a projected increase of Rs14 per litre for petrol and Rs24 per litre for high-speed diesel. The decision to potentially raise prices comes in response to the recent increase in international oil prices, where the cost of refined oil products surged by $13 to $111 per barrel.
During the same period, the price of petrol climbed by $7 to $97 per barrel in the global market. At present, the government imposes a levy of Rs55 and Rs50 on petrol and diesel prices, respectively.
Earlier Hike in Petrol Prices
This potential increase follows a substantial surge in petrol prices announced earlier in August. On August 1, the former finance minister disclosed a significant rise of Rs20 per litre in petrol prices for the first half of the month.
The revised petroleum prices are expected to be announced by the government on August 15, with the changes slated to take effect from August 16.
As the government grapples with the challenge of balancing economic pressures and providing necessary services, any adjustments to fuel prices will likely impact consumers and various sectors of the economy.
