Petrol prices in Pakistan can be expected to increase starting Sept 16th

Petrol prices in Pakistan can be expected to increase starting September 16

Pakistanis can expect another price shock with Pakistan’s interim government’s proposed fuel price increase that may reach 15 rupees per liter from September 16 onward. This move is set to heighten inflationary pressures while simultaneously increasing living costs and inflation rates.

As fears mount over an increase in petroleum product costs due to an unexpected $5 increase in crude oil’s price per barrel on world markets, all eyes turn to the caretaker government for answers.

Beginning September, petrol prices reached triple figures as an interim government began working toward meeting International Monetary Fund (IMF) financial goals, with anticipated price hikes reaching up to Rs320/liter of petrol cost.

Pakistan will benefit significantly from this change in the international oil market; prices have gone from $88-$93 a barrel since April 2013. This change brings great opportunities and will support its economy and other nations worldwide.

Since Pakistan is currently facing an economic crisis, people living there can anticipate another setback, according to experts. Many predict that an unexpected spike in fuel costs could force specific industries into closure.