Price hikes for petroleum products are expected to occur this week as an outcome of currency appreciation and increasing global oil costs.
The cost of gasoline and high-speed diesel (HSD) could rise on the 15th of September by Rs. 10–14 as well as Rs. 14–16 per liter, which is respectively, due to a media report using the tax rates and import equivalency price. Also, the cost of kerosene will go up by Rs. 10.
In the initial ten days of the present fortnight, while the rupee was quoted at Rs. 299 till Rs. 304, it dropped 4.5 rupees compared to the dollar before dropping under Rs. 300. The advantages arising from a lower exchange rate were, yet, fully canceled on Wednesday as benchmark international Brent prices exceeded $92 each barrel as compared to $88 in the beginning week of September.
The 88 paise per liter increase in pricing profits for gasoline dealerships and marketing companies approved by the cabinet’s Economic Coordination Committee (ECC) this past week would also be handed on to customers by the government.
In accordance with the sources of information, starting September 1, the foreign equivalency price of kerosene, diesel, and gasoline rose by 13, 14, and 10 rupees per liter, accordingly.
On the contrary, according to imports by Pakistan State Oil (PSO), the average price of the previously mentioned petroleum-based goods was expected to increase by 13, 16, and more over 10 rupees per liter, accordingly. Also, jet fuel costs Rs. 10 more per liter.
Thus, the price of gasoline and diesel is projected to rise by Rs. 320 & Rs. 325 per liter, accordingly. There would be a kerosene price per liter beyond Rs. 240.
As part of a possible rise in fuel prices, several companies in Pakistan are expecting an increase in inflation.