Inflation-weary As global commodity prices continue to rise, Pakistanis may experience yet another round of price increases for petrol of up to Rs. 15 per litre during the second half of September 2023.
Other than the devaluation of local currency, media reports citing knowledgeable sources claimed that the interim government could announce a price increase as global oil prices continued to rise, now reaching a 10-month high as supply shrinks.
Benchmark Brent crude futures traded around $92.14 per barrel, while US West Texas Intermediate crude edged up slightly to reach $88.98. Oil prices have risen to levels last seen in November 2022 as a result of the price surge.
The expected price revision has not yet received any government updates, but recent meetings will decide how to proceed.
The price of petrol is currently Rs305.36, and the cost of high-speed diesel has recently increased to Rs311.84. The federal government has recently been raising fuel prices every 15 days.
If the government approves the aforementioned hike, the new price of petrol will reach Rs 320 per litre. The federal government has recently been raising fuel prices every 15 days.
On gasoline and high-speed diesel, the government is imposing a record petroleum tax.
In the meantime, the potential increase in fuel prices will fuel the country’s extremely high inflation, where people are already struggling to afford food and other essentials.
