Pakistan’s interim government is expected to raise petrol prices in the first half of September 2023. This decision aligns with the global trend and comes as the rupee continues to face consecutive setbacks.
According to media reports citing knowledgeable sources, petroleum prices could see an increase of up to Rs20 per litre starting from the beginning of next month. This hike is set to hit hard the citizens already grappling with soaring food costs, as fuel prices directly influence the transport and agriculture sectors.
The local currency’s ongoing struggle is anticipated to push the price of petrol up by over Rs10 per litre and diesel by Rs20 per litre. If these new prices come into effect, the cost of petrol would reach Rs300.45 per litre, while high-speed diesel, following a Rs20 per litre increase, is projected to hit Rs313.40 per litre.
Moreover, other petroleum products such as kerosene oil and light speed diesel may also experience a surge of up to Rs14 per litre. It’s important to note that this impending increase follows recent hikes where petrol prices rose by Rs37.50 and diesel by Rs40 per litre.
This expected price rise will exacerbate existing challenges, considering petrol and diesel prices were already raised by approximately Rs20 per litre in the previous revision. As the country braces for these changes, the impact on everyday life and economic activities remains to be seen.
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