ISLAMABAD – The coalition government is likely to jack up the prices of petroleum products up to Rs20 per litre for the upcoming fortnight as oil refineries warned of a looming petrol crisis, besides the change in petrol prices in the international market.
It was reported that a surge in petrol price was based on the calculations of the international price of petroleum products. The speculation worried people as Sharif-led government carried out the massive increase of Rs35 per litre last month, increasing petrol price to Rs249.80 per liter; high speed diesel Rs262.80 per liter; kerosene oil Rs189.83 per liter; and light speed diesel Rs187 per liter.
As of now, Rs50 per litre was charged on petroleum levy and no general sales tax (GST) has not been imposed yet.
The development comes as the cash-strapped nation is currently facing a short supply of petrol, with Punjab being the most affected region where dozens of fuel stations were closed in previous days.
Long queues at fuel stations as petrol shortage hits Lahore, other Punjab cities
Amid the shrinking foreign exchange reserves, refineries sound alarm of a looming petrol crisis in wake of difficulties in establishing letters of credit (LCs) for the payment of raw materials.
