The interim government is considering a significant increase in petrol prices. Reports suggest that the price of petrol could rise by up to Rs15 per litre starting from September 16, 2023. This comes as global commodity prices continue to surge, with oil prices reaching a 10-month high due to shrinking supply and the devaluation of the local currency.
International benchmark Brent futures are currently hovering around $92.14 a barrel, while US West Texas Intermediate crude has seen marginal gains, touching $88.98 a barrel. These rates reflect a return to the price levels last seen in November 2022.
The current petrol price in Pakistan stands at Rs305.36 per litre, while the high-speed diesel price is Rs311.84 per litre following the last revision. If the proposed hike is approved, the new price of petrol will reach approximately Rs320 per litre.
This potential increase follows a recent trend where the federal government has been raising fuel prices every 15 days. The government has not yet announced any updates regarding the expected price revision, and the decision will be finalized in upcoming meetings.
The anticipated fuel price hike is set to exacerbate the already high inflation in Pakistan, a country where many people are struggling to afford basic commodities. The government’s decision to charge a record petroleum levy on petrol and high-speed diesel is also contributing to the rising fuel costs.
As the citizens of Pakistan brace for another round of petroleum price hikes, the impact on the economy and the daily lives of the people remains to be seen.