KARACHI – The prices of petroleum products are estimated to go up after next fortnightly review in the country of nearly 220 million which is facing a looming oil crisis as banks have refused to open and confirm Letters of Credit (LCs) for the import of petroleum products.
A report by a local media outlet quoting well-informed sources claimed that petrol prices could see a surge of around Rs20 per litre. It mentioned free on board (FOB) basis and other factors that stemmed the rise in petrol prices.
As Oil Companies Advisory Council shared ordeal to the issues being faced by oil companies, which were finding it difficult to open LCs, the government has decided to raise the price of the basic commodity which is already available at Rs249 per litre.
Reports suggest that the Pakistani government is charging Rs50 per litre petroleum levy (PL) while GST is yet to be slapped on the masses who are battling for meals.
Interestingly, the International price of petrol witnessed a cut however the sharp devaluation of the local currency has slammed the gains.
Earlier in January, the government increased petrol and diesel prices by a whopping 35 rupee per litre after the rupee nosedived after price caps were removed.