Price of petroleum products likely to hike by Rs20 per liter again

Lahore: The prices of petroleum products in Pakistan are likely to increase again, reportedly.

According to media reports, due to the increase in the prices of petroleum products in the global market, it is likely that rates will hike in Pakistan also from August 15 by Rs15 for petrol and Rs20 will be increased for diesel.

The price of crude oil increased by $5 per barrel to settle at $91 from $86 per barrel due to the increase in the prices of petroleum products in the global market and the premium charges on crude oil are different by $2 per barrel.

On the other hand, the price of diesel and petrol in the global market has also increased by $5 from $97 per barrel to $102 per barrel.

If this price remains the same, according to the current rate, petrol in Pakistan is likely to become expensive by Rs15 per liter and diesel by Rs20 per liter.

Earlier on August 01, the government of Pakistan hiked the price of petrol and diesel by Rs20 almost. Following the new rates, petrol is being sold for Rs272.95, whereas the current rate of diesel is Rs273.40.