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Pakistan raised petrol price to record-setting levels this September
On Friday, Pakistan unveiled an enormous hike in diesel and petrol prices, further fuelling an already alarming inflation rate.
News releases indicate that petrol has increased by Rs26.02 to reach 331.38 rupees per liter while diesel prices are going up Rs17.34 dollars to get 329.18 rupees per liter.
Prices of petroleum products have seen another dramatic surge, reaching new records at a historic high point.
On September 1st, the caretaker government raised petrol and diesel prices by over Rs14 per liter.
Finance Division officials explained the cause for the increase due to rising petroleum prices on the international market and exchange rate variations.
Then, petrol prices increased by Rs14.91 per liter while HSD prices saw an increase of Rs18.44.
Due to rising oil prices worldwide, today’s rise in petrol prices was widely anticipated.
“Rupee appreciation will benefit fuel prices in India; however, this alone won’t be sufficient to offset rising global oil prices,” according to an industry official.
Government regulators review and adjust petrol prices every fortnight based on Ogra’s recommendations; the final decision ultimately rests with the Finance Ministry, which may absorb part of any increases to relieve consumers.
As agreed with the International Monetary Fund (IMF), the government must raise fuel prices as part of a $3 billion standby agreement with them.
According to reports, oil prices reached their 10-month high on Friday. They were on track to post their third weekly gain as supply constraints led by Saudi Arabian production cuts combined with optimism surrounding Chinese demand caused crude to soar higher.
By 12:15 pm EDT (1615 GMT), US West Texas Intermediate futures had advanced by 0.7% to $90.78, and Brent crude futures gained 21 cents, or 0.2%, to hit their highest since November 2022 – approximately an increase of about four percent on the week.
