The continuous rupee devaluation might cause a rise in petrol prices by up to PKR 4 per litre, once again.
Just a few weeks back, the Caretaker Government, for the first time this year, decreased the prices of petroleum products in a bid to give ease to consumers, who are already miserable due to high inflation. However, a local media outlet has reported that, due to the depreciation of rupee against the dollar, the government might increase the prices of petroleum products by up to PKR 4 per litre from 1st August 2018.
While talking to the media, an industry expert also expressed his views regarding the expected hike in the prices of petroleum and said that the prices of petroleum products are likely to show a sharp increase as the exchange rate is expected to reach PKR 130.
The caretaker government, as directed by the Supreme Court of Pakistan (SC), reduced the petrol prices by PKR 4.26 in the first week of July, this month.
Moreover, the SC has also taken Suo Motu on the price increase of petrol, diesel and other oil products and urged the authorities to slash the prices of petroleum products as much as possible. The authorities were ordered to submit the report regarding the taxes imposed on petrol and diesel, which has been submitted to the court.
Let’s wait and see, what action the SC will take after the report is submitted.
The current prices of oil products are as follow:
|New prices||Old prices||Difference|
|Petrol||Rs 95.24||Rs 99.50||Rs 4.26|
|High-Speed diesel||Rs 112.94||RS 119.31||Rs 6.37|
|Kerosene oil||Rs 83.96||Rs 87.70||Rs 3.74|
|Light-Speed diesel||Rs 75.37||Rs 80.91||Rs 5.54|
Stay tuned for the latest updates.