Petrol Price in Pakistan is likely to increase: Petrol and diesel prices in Pakistan are slated to rise come April16, 2024, attributed to a surge in global oil rates and the government’s intent to levy higher taxes on petroleum products. This impending hike will burden the populace with an additional shock of over Rs 9 per liter. Informed sources suggest that petrol prices could climb by up to Rs 8 per liter. With this anticipated escalation, petrol is expected to reach around Rs 298 per liter by April 16, up from the current Rs 289.40 per liter.
Petrol Price in Pakistan is likely to increase from April 16
Recent reports suggest that there is a looming increase in both petrol and diesel prices. The current price of petrol, standing at Rs. 289.40 per liter, is projected to surge to Rs. 298 per liter, representing a substantial Rs. 8 per liter hike. Meanwhile, diesel prices are also anticipated to surge by around Rs. 2 per liter, with the new rate estimated to be approximately Rs. 284.24 per liter, up from the current Rs. 282. Unofficial reports circulating suggest that the Pakistani government is contemplating this price adjustment due to several factors. One major factor is the persistent devaluation of the Pakistani rupee against major international currencies, which has put pressure on fuel import costs.
Expected Petrol Price in Pakistan
| POLs | Current Price | Expected Price | Difference | Change |
|---|---|---|---|---|
| Petrol | Rs289.40 | Rs298 | Rs8 | Increase |
| Diesel | Rs282 | Rs284.24 | Rs2.24 | Increase |
Latest Update about Petrol Price in Pakistan
The escalating geopolitical tensions in the Middle East have contributed to uncertainty in global oil markets, leading to higher oil prices overall. It’s important to note that this surge in fuel prices isn’t directly linked to recommendations from international financial institutions like the International Monetary Fund (IMF) for a direct increase in the General Sales Tax (GST). Instead, the government is considering raising the petroleum levy, which currently stands at its maximum limit of Rs. 60 per liter, potentially up to Rs. 100 per liter. Such a substantial increase in the petroleum levy could lead to unprecedentedly high petrol prices in Pakistan, posing challenges for consumers and the economy alike.
Conclusion
In conclusion, petrol and diesel prices in Pakistan are set to rise significantly by April 16, 2024. The anticipated increase, attributed to global oil price surges and potential government tax hikes, will likely pose challenges for consumers and the economy.