ISLAMABAD – Petroleum product prices in Pakistan are expected to witness a significant increase in the upcoming fortnightly review, with high-speed diesel (HSD) likely to register the sharpest hike due to rising international oil prices.
The estimates showed that the price of high-speed diesel may increase by as much as Rs40 per litre, while petrol is expected to become around Rs10 per litre more expensive from July 18.
The anticipated increase follows a surge in global crude oil prices triggered by renewed geopolitical tensions between Iran and the United States, which have pushed up international energy markets.
The sources said the government is considering reducing the petroleum levy to partially offset the impact of the proposed increase and provide some relief to consumers. However, the final adjustment will depend on international market trends, the exchange rate and the government’s decision on taxes and levies.
Meanwhile, the government has directed authorities to crack down on the hoarding of petroleum products to prevent artificial shortages and profiteering.
The National Committee on Monitoring and Coordination has taken serious notice of reports that some market participants are stockpiling fuel in anticipation of higher prices. The committee has instructed the Oil and Gas Regulatory Authority (OGRA) to take immediate and appropriate action against anyone found involved in hoarding or disrupting fuel supplies.
The officials have also directed relevant authorities to closely monitor the availability of petroleum products across the country to ensure uninterrupted supply during the price review period.
The federal government is expected to announce the revised petroleum prices after completing its fortnightly assessment of international oil prices and domestic pricing components.
