ISLAMABAD: Prices of petrol and high-speed diesel may witness a substantial increase of up to Rs20 per litre in the coming days and it is believed the two will cross Rs300 mark.
This possible escalation is being attributed to the weakened Pakistani rupee against the US dollar and slight fluctuations in international oil prices.
According to estimates provided by oil companies, the price of petrol could rise by more than Rs 10 per litre, taking it from the current Rs 290.45 to Rs 300.45 per litre, reflecting an increase of 3.5 percent.
At the same time, the price of high-speed diesel may see a sharp increase of Rs 20 per litre to go up from Rs 293.40 to Rs 313.40 per litre, an increase of 6.9 percent.
Additionally, other petroleum products with a minimal share of the country’s total fuel consumption, namely KERO and LDO, are also expected to see price increase. KERO may increase by Rs 14 per litre, taking its price from Rs 217.15 to Rs 231.15 per litre. Similarly, LDO price may increase by Rs 10 per litre to reach Rs 208.80 per litre from the existing Rs 199.79.
The possible increase in fuel prices follows an average exchange rate loss of Rs 9.93 against the US dollar in the last 15 days, with the rupee depreciating from Rs 288.25 to Rs 298.18.
The price calculations consider a diesel levy (PL) of Rs 55 per liter for petrol and Rs 50 per liter for HSD. This development comes on the heels of two consecutive reviews that have already seen petrol price rise by Rs 37.50 per liter and HSD hiked by Rs 40.
These anticipated price hikes pose significant challenges to the already struggling masses and businesses in Pakistan. This situation is expected to have far-reaching consequences on the country’s economic landscape, underscoring the need for proactive measures to mitigate the impact on the population.
