Petroleum products are likely to become more expensive from August 16, according to Reports, after the caretaker government announces new prices tomorrow (August 16).
The price of petrol is likely to increase by Rs15 per liter, while the price of diesel will increase by Rs. 20 per liter, the publication reported.
The expected hike in the cost of petroleum products is a result of an increase in the commodity in the global market.
Web-desk reported that the price of crude oil had increased by $5 per barrel from $86 to $91 per barrel due to the increase in the prices of petroleum products in the global market. On top of that, there is a separate premium charge on crude oil of $2 per barrel.
On the other hand, the price of diesel and petrol in the global market has also increased by $5 from $97 per barrel to $102 per barrel.
If this price remains the same, according to the current rate, petrol in Pakistan will likely become expensive by Rs15 per liter and diesel by Rs20 per liter.
The outgoing government — during the last fortnightly review — had announced a massive Rs19 per litre increase in the price of petrol and diesel, which it said was done in line with the International Monetary Fund’s (IMF) demands.