ISLAMABAD – The caretaker government announced a sharp increase in petroleum products in shock for inflation hit people earlier this month but that’s not the end for masses’ plights as officials another hike on petroleum products is on the cards.
Petrol price is expected to move up as Pakistani currency hit a triple century against the US dollar in the interbank market this week as the continuous depreciation is linked to the revocation of import curbs.
Inflation is likely to move up for all commodities including food prices. Petroleum prices in Pakistan are primed for a big increase in next fortnight’s review in the wake of jolts to local currency.
As of August 25, the exchange rate of USD has increased by more than Rs12, and the abrupt changes in exchange rate will drive the price of gasoline and diesel from the start of next month.
Globally, there are no major changes in oil prices. In Pakistan, petrol price has already climbed by Rs37.50 and that of diesel by Rs40 per litre in recent weeks.
Sources familiar with development revealed that the price of petrol and diesel may rise by double digits in the first fortnight of September as the crisis-hit country will procure crude and POL products at elevated values.
The recent increase in petroleum prices, the shocking increase in power tariffs triggered widespread concerns, especially among salaried class, which is already bearing the brunt amid the economic meltdown.
Latest update about petrol, diesel prices in Pakistan in August 2023
