Beginning August 16, Pakistani fuel prices are likely to increase as the caretaker government prepares to announce an increase of up to Rs. 20. Even though Pakistan is commemorating its 76th anniversary of independence today, the news of yet another significant increase in fuel prices is likely to dampen people’s celebrations.
Diesel prices may be revised by 20 rupees, while the price of gasoline is likely to rise by 15 rupees. The increase in crude oil prices, from $86 per barrel to $91 per barrel with an additional $2 premium, is cited as the cause of the price increase.
In a similar vein, the price of international gasoline and diesel increased from $97 per barrel to $102 per barrel.
Prior to this, the PMD administration declared an increase of Rs. 19.95 to satisfy IMF requirements. Take note that the price of gasoline is currently Rs. 272.95 while the price of diesel is currently Rs. 273.40.
Pakistan had previously decided to halt its purchases of Russian oil, claiming that they had little to no effect on the overall cost of fuel for its people.
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