Petroleum goods are anticipated to experience a significant price increase beginning August 16. In particular, a hike of Rs. 15 per liter is anticipated for gasoline, and a rise of Rs. 20 per liter is anticipated for diesel.
The increase in global commodity rates is to blame for this price increase. According to recent sources, the price of crude oil has increased by $5 per barrel, from $86 to $91 per barrel. The increased cost of petroleum goods on the international market is largely to blame for this rise. A separate premium fee of $2 per barrel has also been added to the price of crude oil.
If these prices stay the same, the estimated impact on Pakistan’s fuel market would be a slight increase of Rs 15 for gasoline and a more significant increase of Rs 20 for diesel per liter.
A huge Rs 19 per liter increase in gasoline and diesel prices had been announced in the context of the previous fortnightly review undertaken by the outgoing government. The justification offered for this choice was that it complied with IMF requirements.