Petroleum prices in Pakistan are set to rise from August 16, following an expected announcement of new prices by the caretaker government on August 15.
The cost of petrol will increase by Rs. 15 per liter, while diesel prices are predicted to rise by Rs. 20 per liter, according to a report.
This expected surge in petroleum product costs is linked to the upward trend in global market prices for these commodities.
Crude Oil Climbes by $5 Per Barrel
Reportedly, the price of crude oil has climbed by $5 per barrel, up from $86 to $91 per barrel. This rise is attributed to the higher prices of petroleum products on the global market. Additionally, a separate premium charge of $2 per barrel has been added to crude oil.
Likewise, the prices of diesel and petrol have also escalated by $5, moving from $97 per barrel to $102 per barrel on the international market.
If these prices hold steady, taking into account the current exchange rate, the outcome for Pakistan’s fuel market would entail an Rs. 15 per liter increase for petrol and a more substantial Rs. 20 per liter increase for diesel.
In the preceding bi-weekly evaluation, the outgoing government had declared a substantial increase of Rs. 19 per liter for both petrol and diesel. This action was explained as complying with the demands of the International Monetary Fund (IMF).
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