- Web Desk
- Yesterday
Petroleum prices likely to rise soon
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- Web Desk
- Aug 13, 2023
ISLAMABAD: Pakistan is considering a further increase in petroleum prices due to the global surge in commodity prices in the next bi-monthly review taking place from August 16 to 31.
Petrol prices will potentially rise by Rs14 to Rs24 per litre.
The continuous rise in international oil prices over the past 15 days may lead to a potential increase of Rs14 per litre for petrol and Rs24 per litre for high-speed diesel (HSD).
Earlier this month, the government had already raised petrol and HSD prices by Rs20, effective from August 1, 2023, as part of its commitments to the International Monetary Fund.
During the past fortnight, refined product prices have escalated by $13 per barrel to $111 per barrel, causing petrol prices to climb by $7 per barrel to $97 per barrel.
Currently, the government imposes a petroleum levy of Rs55 per litre on petrol and Rs50 per litre on HSD. If implemented, the potential price hike could impact the inflation rate for the month of August.
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