Continuous increase in global oil prices going to cause hike in Pakistan

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After the increase in the prices of essential commodities, the prices of petroleum products are likely to increase for the next 15 days in the country.

According to the report, after the continuous increase in global oil prices during the last 15 days, the price of petrol is expected to increase by Rs14 per liter and the price of high speed diesel by Rs24 per liter.

The government has already increased the prices of petrol and high speed diesel by about Rs20 from August 1, 2023.

The terms of the International Monetary Fund’s (IMF) loans forced the government to put the burden of rising commodity prices on the public.

In the last two weeks, the price of refined products has increased by $13 per barrel to $111 a barrel and the price of petrol has increased by $7 per barrel to $ 97 per barrel.

It should be noted that the government is charging a petroleum levy of Rs55 per liter on petrol and Rs50 per liter on high-speed diesel.