Expected petrol price surge of up to Rs15 per litre in Pakistan from Sept 16

Inflation woes continue to haunt Pakistan as reports suggest another round of petroleum price hikes looms large for the second half of September 2023. The nation has been grappling with rising prices for months, and this new development may further burden its citizens.

Well-informed sources indicate that the interim government is considering an increase of up to Rs15 per litre, citing the relentless surge in global commodity prices.

Global oil prices have soared, reaching a 10-month high, primarily due to supply constraints and other market dynamics.

The international benchmark, Brent futures, recently touched $92.14 per barrel, while US West Texas Intermediate crude made marginal gains at $88.98 per barrel. These levels haven’t been witnessed since November 2022.

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Despite the mounting pressure on citizens, the government has not yet officially announced any updates regarding the impending price revision. The decision is expected to be finalized during upcoming meetings.

Currently, petrol is priced at Rs305.36 per litre, and high-speed diesel stands at Rs311.84 after the last revision.

If the proposed hike is approved, petrol prices could soar to Rs320 per litre, exacerbating the challenges faced by the already struggling population. The government’s substantial petroleum levy on petrol and high-speed diesel only adds to the burden.

This potential fuel price hike is likely to contribute to the nation’s persistently high inflation rates, further deepening the hardships faced by the Pakistani people as they contend with rising costs for essential goods and services.