Inflation-weary As global commodity prices continue to rise, Pakistanis may face another wave of price increases of up to Rs15 per litre in the second half of September 2023.
Other than the devaluation of local currency, media reports from well-informed sources stated that the interim government could declare a price increase as global oil prices continued to rise, now reaching a 10-month high as supply declines.
Brent crude futures were hovering around $92.14 per barrel, while US West Texas Intermediate crude gained marginally, reaching $88.98 per barrel. Oil prices have risen to levels not seen since November 2022.
Meanwhile, the government has not provided an update on the projected price increase, and the decision will be made in recent meetings.
After the most recent modification, the current price of petrol is Rs305.36, while the price of high-speed diesel is Rs311.84. In recent years, the federal government has raised fuel prices every 15 days.
If the proposed increase is approved by the government, the new price of petrol will reach Rs320 a litre. In recent years, the federal government has raised fuel prices every 15 days.
The government has imposed a record petroleum duty on fuel and High-Speed Diesel.
Meanwhile, the projected increase in fuel prices will feed skyrocketing inflation in the crisis country, where people are struggling to find food and other essential supplies.