Govt expected to increase petrol price by up to Rs5 per litre this week

ISLAMABAD: Petrol price in Pakistan may go up again this week. The government is expected to increase petroleum prices by Rs3 to Rs5 per litre in the next fortnightly review. The new rates are likely to take effect from July 16.

This possible hike follows rising oil prices in the global market and the impact of currency changes at home. The official announcement is expected on the night of July 15.

Earlier, on July 1, the government raised petrol prices by Rs8.36 per litre. High-speed diesel went up by Rs10.39. Petrol now sells for Rs266.79 per litre, and diesel for Rs272.98. The government had blamed the rise on global crude oil trends.

At that time, a Rs2.50 per litre carbon levy was added on petrol. But the petroleum levy was cut by the same amount. The overall tax burden stayed the same, and the sales tax remained at zero.

Right now, in cities like Lahore, Karachi, Islamabad and Sialkot, regular petrol is selling at Rs267.7 per litre. Hi-octane is being sold at around Rs280. The price gap between the two has already grown. Another increase could widen it even more.

Many people were upset after the last hike. Some said the change came too fast and was hard to manage. Petrol affects the cost of daily travel, whether by private vehicle or public transport. If prices go up again, it may lead to higher fares for buses and ride-hailing apps. It could also push up weekly and monthly inflation.

The expected increase will likely put more pressure on household budgets across the country.

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