ISLAMABAD – The federal government is mulling over another sharp hike in petroleum products as the cash-strapped country is seeking to unlock a vital bailout from the International Monetary Fund (IMF).
The sharp increase in fuel prices is on the cards as the government is taking desperate measures to meet conditions tabled by the global lender as recent talks ended inconclusively.
A report by Profit by Pakistan Today quoting sources claimed that the petrol prices are expected to jack up to nearly 13 percent in the next fortnightly review scheduled on February 15 (today).
It suggested that the ex-depot per litre price of petrol is calculated to go increase by Rs 32.07, High-Speed Diesel (HSD) by Rs 32.84 per litre and Kerosene oil is estimated to increase by Rs 28.05 per litre.
It mentioned that light diesel is also expected to go up around Rs 9.90 per litre if the exchange rate was adjusted today.
As of now, petrol is being sold at Rs 249.80 per litre, and with the expected hike, it may skyrocket to Rs 281.87 per litre, diesel at Rs 295.64 which may further augment prices of all basic commodities and that’s in a time when people in the fifth most populated country are cutting meals to survive.
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Experts also raised questions as the coalition government earlier jacked up the prices of petrol and high-speed diesel by Rs35 per litre last month.
