Due to the devaluation of the local currency against the US Dollar (USD) and the surging global oil prices, Pakistan is anticipating a rise in petrol prices starting from September 15, 2023.
Reports suggest that the cost of petrol may increase by up to Rs. 14 per liter, while high-speed diesel (HSD) prices could climb by Rs. 16 per liter, potentially reaching new record highs in the country.
Notably, the international Brent crude oil price rose from $88 to $91 per barrel on Wednesday, exerting upward pressure on petrol prices in Pakistan. Additionally, the Pakistani Rupee (PKR) experienced depreciation, briefly reaching Rs. 307 before recovering and dropping below Rs. 300 again.
In addition to these factors, the government must consider the approved increase in margins for petroleum dealers and oil marketing companies (OMCs), as sanctioned by the Economic Coordination Committee (ECC).
During the previous fortnight, the government hiked petrol prices by Rs. 14.91 per liter, resulting in a new price of Rs. 305.36 per liter, while the price of High-Speed Diesel (HSD) surged by Rs. 18.44, setting a new rate of Rs. 311.84 per liter.
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