KARACHI – The federal government announced a sharp increase in petroleum products in shock for inflation weary people earlier this month but that’s not the end for people’s plights as officials may approve another hike on petroleum products by up to Rs22 per liter in the next review.
With the recent announcement, inflation is likely to move up for basic commodities including edibles while people can expect further rate hikes later this month.
A senior official of a leading capital Market Company told a local publication that Pakistanis can expect a diesel price increase of Rs20-22 per liter while there will be an increase of Rs12-13 on petrol for the next two weeks of this month.
The research head of the firm linked the upcoming surge with the increase in oil prices in the international market. He mentioned that prices of refined products soared from $13 per barrel to $111 per barrel.
The upcoming increase in petrol price could further increase may affect inflation.
The Pakistani government has committed to record petroleum levy, alongside stern measures, including raising extra revenues, increasing energy prices, and a market-based exchange rate, which has already triggered inflation.
