Petroleum prices in Pakistan are likely to see an upward revision starting August 16 as the caretaker government is all set to announce an increase of up to Rs. 20. Pakistan is celebrating its 76th Independence Day today, but the news of another massive increase in prices of fuel is set to break the spirits of average Pakistanis.

Also check: Petrol, diesel prices by up to Rs20 per litre from August 16

It’s expected that the cost of petrol might go up by around Rs. 15, and diesel could see a rise of about Rs. 20. This increase in prices is due to a rise in crude oil prices. The cost of crude oil per barrel has gone up from $86 to $91, with an additional $2 added on top of it.

Similarly, international diesel and petrol prices have gone up from $97 per barrel to $102 per barrel.

In the past, the government led by the PMD revealed a price hike of Rs. 19.95 in order to fulfill the requirements set by the IMF. It’s worth noting that the current cost of petrol is Rs. 272.95, while diesel is available for Rs. 273.40.

Previously, Pakistan opted to halt the acquisition of oil from Russia, asserting that this move had minimal effect on the total price that the public pays for fuel.