Amid a challenging economic scenario and under the stringent conditions set by the IMF, Pakistan is projected to witness a significant rise in petroleum prices. Reports suggest a looming oil price surge, with high-speed diesel’s cost expected to soar by Rs 24 per litre, effective August 16, 2023. This anticipated increase, coupled with record inflation, poses further challenges for the country.
As a result of the projected diesel price hike, it is expected that the government will also increase the price of petrol, albeit by a slightly lesser amount, approximately Rs 12 per litre. This impending price adjustment comes on top of the already implemented increase of around Rs 20 per litre in the previous revision.
Read more : Govt slashes petrol price by Rs12 per litre
The government’s decision to repeatedly raise petroleum prices is driven by pressure from the International Monetary Fund (IMF) due to the ongoing surge in costs. Recent trends indicate that refined petroleum product prices have escalated, reaching as high as $111 per barrel, adding to the complexities of the situation.