EconomyPakistan

Possible Surge in Petrol Prices: Rs. 20 Hike Expected from Sept 16

A considerable rise in the prices of petroleum products is likely to hit consumers by the weekend, as a working paper detailing potential increments comes to the fore.

 

This proposal, currently under scrutiny, proposes significant changes to the prices of petrol and diesel, taking effect from September 16. Sources familiar with the matter have revealed that the recommended increase is a substantial Rs20 for petrol. Other fuel products are also not exempt from this uptick, with high-speed diesel prices proposed to jump by Rs14 per liter, kerosene oil by Rs10, and light diesel by Rs9.

 

Additionally, there are suggestions to amplify the ex-refinery price of petrol by Rs13.5. If this proposal garners approval, the ex-refinery price of petrol would escalate from the current Rs228.59 to Rs242.10. Parallel to this, there's a suggested hike of Rs13 per liter in the ex-refinery price of diesel.

 

Considering these potential changes, the updated price for petrol could stand at Rs321.35, a leap from the current Rs305.36. Meanwhile, high-speed diesel could see its price moving from Rs311.84 to Rs325.50 per liter.

 

It's anticipated that the Oil & Gas Regulatory Authority will present this working paper to the government by the end of tomorrow. Following this, the onus will lie on the Ministry of Finance to issue an official notification. This, however, will occur only after the interim prime minister grants approval. It's worth noting that the government retains the authority to keep prices stable, despite the proposed changes.

 

While the proposal is sure to cause consternation among the inflation-affected public, it remains to be seen how the government will respond. As Pakistanis await a definitive decision, there's a collective hope for considerate pricing, keeping in mind the economic struggles of the common man.

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