Petrol price in Pakistan are likely to create another record as the new rates will surpass Rs300 per litre, as authorities are taking stern measures to meet fiscal objectives laid down in a deal with the International Monetary Fund (IMF), as the country is battling worst economic crisis.
Sources familiar with the development told Pakistan Observer that prices of petroleum products are likely to change by the start of next month. There is a possibility of changes worth around 10-12rupees per litre in the prices of petroleum products from September 1.
There is the possibility of a surge in price of diesel prices, while the price of other petroleum prices is likely to increase. 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.
Inflation in Pakistan is likely to skyrocket for all commodities including food prices, and electricity bills.
The exchange rate of the dollar has increased by around Rs15, and the abrupt changes in the 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.
The recent increase in petroleum prices, and the shocking increase in power tariffs triggered widespread concerns, especially among the salaried class, which is already bearing the brunt amid the economic meltdown.
Petrol price is likely to increase at times when thousands are protesting on streets across Pakistan against inflated power bills.
