ISLAMABAD – The prices of petroleum products are likely to move up by Rs 24 per litre for the upcoming fortnight as the crisis-hit country is following stern conditions demanded by IMF.
Reports in local media claimed that another oil surge is likely as the price of high-speed diesel is likely to be increased by Rs24 per litre effective from August 16, 2023, and it is expected to worsen the situation amid record inflation.
As diesel price is likely to increase by Rs24, the government is expected to jack up the price of petrol by around Rs12 per litre.
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.
The government continues to increase petroleum prices as International Monetary Fund (IMF) kept pressure in light of soaring costs.
In recent times, prices of refined petroleum products have moved up by $13 to $111 per barrel.
