Another petrol price shock likely by tonight

The federal government is likely to announce a petrol price increase of Rs10-14 per litre from April 16, citing the rising oil prices in global markets as the reason. If the government adjusts for exchange rate losses, the increase could reach up to Rs14 per litre. The ex-depot price of petrol for the next price review has been recorded at Rs14.77 per litre, which may result in a potential increase in the current ex-depot price of petrol from Rs272 to Rs286.77 per litre. The authorities did not pass on the impact of rupee devaluation in the previous review but may do so this time.
The government is likely to face a strong backlash from the public if the petrol price goes into effect tonight. Already, hoarders and profiteers have increased the prices of essential things ahead of Eid.