Petrol Price in Pakistan Likely to Increase by Rs. 10, Diesel May Rise by Rs. 40 Per Litre

Islamabad: The petrol price in Pakistan is expected to increase by around Rs. 10 per litre, while the price of high-speed diesel (HSD) may rise by as much as Rs. 40 per litre in the upcoming fortnightly fuel price review.

The expected increase follows a dramatic surge in world oil prices due to the latest tensions between Iran and the United States, reports said. The new fuel prices, if approved, could come into effect from 12:10 a.m. on July 18.

The government is also mulling a cut in the petroleum levy on fuel products to ease cost burden on consumers. The move comes as a way to curb the generalised rise in petrol and diesel prices despite their international oil prices.

In the meantime, the National Committee on Monitoring and Coordination has sounded the alarm on the reported instances of hoarding of petroleum products by some market players. The committee has ordered the Oil and Gas Regulatory Authority (OGRA) to immediately and necessary act against hoarders so as to avoid shortage of fuel across the country.

The anticipated increase in the price of petrol in Pakistan is related to the volatility of international crude oil markets, which have seen prices rise due to escalating geopolitical tensions in the Middle East.

The government is likely to announce final prices for fuel, once it takes into account the recommendations of the relevant authorities. The decision is being closely watched by both consumers and businesses, as any rise in fuel prices could impact the transportation cost and inflation for the nation.