Inflation-weary Pakistanis may witness another round of petroleum price hikes by up to Rs15 per litre for the second half of September 2023, as global commodity prices continue to rally.
Media reports quoting well-informed sources claimed that interim government could announce a price hike as global oil prices continued to increase, now touching a 10-month high as supply shrinks, other than the devaluation of local currency.
International benchmark Brent futures hovered around $92.14 a barrel, while US West Texas Intermediate crude saw marginal gains, touching $88.98 a barrel. The surge in oil rates brings prices to levels last seen in November 2022.
Meanwhile, the government has not announced any update for expected price revision, and the decision will be finalised in recent meetings.
The current rate of petrol stands at Rs305.36 while the high-speed diesel price is Rs311.84 after last revision. In the recent past, the federal govt has been increasing fuel prices every 15 days.
If the above-mentioned hike is approved by government, the new price of petrol will touch Rs320 per litre mark. In the recent past, the federal govt has been increasing fuel prices after every 15 days.
The government is charging a record petroleum levy on petrol and on High-Speed Diesel.
Meanwhile, the potential fuel price hike will fuel sky-high inflation in the crisis country where people are battling for food and other basic commodities.