In the last 15 days of August, there is a major possibility of yet another surge in petrol prices, ranging from Rs12 to Rs22 per litre. The looming increase is a direct consequence of the ongoing rise in global commodity prices, which has put immense pressure on the country’s economy.
Direct impact of increased international prices
Tahir Abbas, the Head of Research at Arif Habib Limited, warns that if international oil prices continue their upward trajectory, the government might be forced to announce even larger price hikes beyond the anticipated range.
Earlier in August 2023, the Pakistani government had already implemented a substantial increase in petrol and diesel prices, raising them by nearly Rs20 per litre each. This move was in compliance with the conditions set by the International Monetary Fund (IMF) for a crucial loan.
Also read: Government Of Pakistan Announces Massive Increase In Petrol/Diesel Prices
Consequently, local petrol prices reached around Rs273 per litre, placing a significant burden on the nation’s citizens and industries. As the nation awaits further announcements, concerns over the impact of rising fuel costs on inflation, transportation, and overall living expenses continue to grow.
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