ISLAMABAD – The caretaker government is likely to jack up petrol prices for the second fortnight of August 2023 in line with global trend.
Media reports claim that petroleum prices are likely to be increased by up to Rs24 per litre for the second half of this month, in another shock for inflation-weary people who are facing the brunt of higher food prices as fuel prices directly impact transport and agriculture sectors, and any spike will further burden masses.
As of mid-August, the current rate of petrol stands at Rs272.95 while the high-speed diesel price is Rs273.40. If the government will approve the new changes, the petrol price will be increased to nearly Rs295 per litre while the diesel price will increase to nearly Rs300.
The prices of petroleum products are likely to move up as the crisis-hit country is following stern conditions demanded by IMF.
The expected price increase will add to existing woes as petrol and diesel prices have already been jacked up by around Rs20 per litre in the previous revision.
In recent times, prices of refined petroleum products have moved up by $13 to $111 per barrel, per reports.
