Business
Huge hike in petrol price likely in September again
However, the caretaker government is under pressure due to nationwide backlash and protests over high electricity bills.
Islamabad: Since August 16, the increase in the value of dollar has caused a difference of Rs12 in the exchange rate and along with this, the prices of petroleum products are also increasing in the international markets.
It is likely that the Oil and Gas Regulatory Authority (OGRA) will propose an increase in the price of petrol by Rs12 per liter and diesel by Rs14.83 per liter for the next 15 days in the month starting from September 01.
If International Monetary Fund’s (IMF) conditions are not met, billions of dollars in debt will be at risk, causing the people to face a storm of inflation and make their lives miserable.
According to a senior official of Ministry of Energy (MoE), the current rate of inflation is 28 percent.
However, the caretaker government is under pressure due to nationwide backlash and protests over high electricity bills.
It is pertinent to note that earlier on August 15, the price of petrol was increased by Rs17.50 per liter while the price of diesel was increased by 20 rupees per liter, after which the prices of petrol and diesel in Pakistan reached the highest level in history.
The new price of petrol has been settled at Rs290.45 per liter while the new price of high speed diesel has been fixed at Rs293.40 per liter.