Petrol prices are likely to cross Rs 310 per liter as Pakistanis brace for another hike.
ISLAMABAD – Petrol is likely to be expensive by Rs 13 per liter and the price is likely to cross Rs 310 per liter from July 11.
High Speed Diesel (HSD) may see an increase of Rs 14 per litre, bringing its expected retail price to Rs 323.50 per litre. The revised rates are expected to come into effect from 12:00 am, subject to official government notification.
If approved, the increase would deal another blow to households already struggling with high living costs. Higher fuel prices typically have a ripple effect throughout the economy, increasing transportation costs and putting pressure on the prices of food, consumer goods and other essential services.
The expected revision comes as international oil prices continue to rise. Over the past week, Brent crude has risen from around $72 to around $76 a barrel, while West Texas Intermediate (WTI) has risen from around $69 to $72 a barrel. Analysts cite rising geopolitical tensions, particularly involving the United States and Iran, as well as concerns over potential disruptions to oil supplies from the Middle East.
The Oil and Gas Regulatory Authority (OGRA) has finalized the price calculations and has reportedly proposed to maintain the existing fuel prices. However, the final decision rests with the federal government, which is evaluating several options before announcing the new rates.
Authorities are also considering adjustments to the petroleum levy and other fiscal measures to ease the impact on consumers. While rising international prices support domestic fuel price hikes, the government may revise taxes or levies before issuing a final notification.
Last Friday, Pakistanis got a small relief when petrol and diesel prices were reduced by Rs 1.97 per litre. However, this relief now appears to be short-lived as global energy markets continue to fluctuate.
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The post The possibility of petrol price exceeding 310 rupees per liter, the possibility of another increase among Pakistanis appeared first on Daily Pakistan English News.
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