Prices of petroleum products expected to increase

Islamabad: Government is likely to further increase the hardships of poor people as there is a possibility of huge increase in the prices of petroleum products in the country from September 16 to September 30.

Due to the increase in global commodity prices, the caretaker government may once again announce an increase in the ex-depot prices of petroleum products.

According to oil sector estimates, the price of petrol is likely to increase by Rs10 per liter and the price of High Speed Diesel (HSD) by Rs9 per liter in the next 15 days of September.

Apart from this, kerosene oil may cost Rs10 more per liter and light diesel oil may get expensive by Rs8 per liter.

The government has imposed a petroleum levy of Rs60 per liter on petrol and Rs50 per liter on high-speed diesel to meet the International Monetary Fund (IMF) conditions.

On the other hand, the government may allow Pakistan State Oil (PSO) an exchange rate adjustment of Rs3 per liter on petrol and HSD.

Under the agreement, Pakistan has promised IMF to raise the maximum levy to Rs60 per liter on an incremental basis so that the average cost of petroleum development levy reaches Rs55 per liter.