The hike in petroleum prices is expected in view of the devaluation of Pakistani rupee and the increase in international oil prices.
Islamabad (Pakistan Point News – 21st June, 2019) The petrol prices are likely to be increased by Rs5-7 next month.
The hike in petroleum prices is expected in view of the devaluation of Pakistani rupee and the increase in international oil prices.
The US Dollar has increased by 6 percent against Pakistani rupee in the month of June while the prices of US crude oil has increased by $2, taking it to $56.65 per barrel. On the other hand, prices of British crude oil have increased to $64.52.
The Federal government had earlier dropped a petrol bombshell on the general public before Eid-ul-Fitr as it decided to revise the prices of petroleum products upward for the month of June.
The price of petrol was increased by Rs 4.26 to Rs 112.68 per litre.
The price of High Speed Diesel (HSD) was increased by Rs 4.5 to Rs 126.82 per litre and of Kerosene Oil by Rs 1.69 per litre to Rs 98.46 per litre.
Similarly, the price of Light Diesel Oil was increased by Rs 1.68 per litre to Rs 88.62.
Based on the fluctuation in international prices of crude oil besides devaluation of Pak rupee, the Oil and Gas Regulatory Authority (OGRA) had proposed to increase the price of petrol and HSD by Rs 8.53 ad Rs 8.99 per liter respectively, however the government had decided to partially pass on the burden to the masses.
