Due to oil refineries’ warnings of an approaching fuel crisis and changes in petrol pricing on the international market, the coalition government is likely to increase the price of petroleum goods by up to Rs 20 per litre in the upcoming week.
According to reports, estimates based on the price of petroleum products on the global market led to an increase in petrol prices. People were concerned about the rumours as the Sharif-led government made a significant increase of Rs35 per litre last month, raising the cost of petrol to Rs249.80 per litre, high-speed diesel to Rs262.80 per litre, kerosene oil to Rs189.83 per litre, and light speed diesel to Rs187 per litre.
Petroleum levy is now charged at Rs. 50 per litre, while general sales tax (GST) has not yet been implemented.
The development comes at a time when the cash-strapped country is presently experiencing a shortage of gasoline, with Punjab being the most impacted province where hundreds of fuel stations were shut down in recent days.
Amid the shrinking foreign exchange reserves, refineries sound alarmed of a looming petrol crisis in wake of difficulties in establishing letters of credit (LCs) for the payment of raw materials.