Petrol Price In Pakistan are anticipated to rise by Rs. 30 per litre as the government negotiates with the International Monetary Fund (IMF) for the loan’s next instalment. According to reports in the local media, the cost of diesel may also increase by Rs. 30 per litre.
The article also stated that a new hike is anticipated since the cash-strapped nation is very likely to impose a 17% General Sales Tax (GST) on petroleum products as an additional means of raising money. According to reports, the IMF has urged Islamabad to raise gas and oil prices, enact GST, and privatise certain state-owned businesses.
Ishaq Dar, Pakistan’s finance minister, announced a 35-rupee per-liter increase in petrol prices last week as a result of the Pakistani rupee’s sharp depreciation against the US dollar.
Ishaq Dar also stated that the rates of kerosene oil and light diesel oil have increased by Rs18 in his announcement regarding the petrolprice hike. The Pakistani rupee struck a historic low against the dollar after the elimination of the unofficial dollar ceiling, which resulted in this inflation.
Dar also stated that the Oil & Gas Regulatory Authority (OGRA) has advised the government and Prime Minister Shehbaz Sharif to immediately apply the revised pricing in order to minimise short-term hoarding and rumours of petrol shortages.
Current Fuel Prices
These are current per liter fuel prices in Pakistan:
Petrol PKR 249.80
High-Speed Diesel (HSD) PKR 262.80
Light Diesel Oil (LDO) PKR 187.00
Kerosene Oil PKR 189.83
As the general public is currently experiencing exceptionally difficult circumstances, further increase in the price of gasoline in Pakistan will result in another wave of inflation. Despite the State Bank of Pakistan lifting the cap, the USD/PKR exchange rate is still volatile at this time (SBP). A potential fuel scarcity in Pakistan in the near future has also been reported in the media, which is another alarming development for the nation. You can read a detailed discussion of the entire gasoline supply chain scenario that we had in our blog here.
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