Petrol price expected to rise by Rs15 per litre after August 16

Niche

Niche

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Petrol prices are expected to undergo another price hike with a Rs. 15 increase per litre after August 16th. Meanwhile, diesel will likely see a steeper increase of Rs20 per litre.

Though the exact rate by which prices will increase seems unclear, social media users have sarcastically declared the increase in prices as being part of Independence Day celebrations and a gift from the government to common people.

The ongoing price surge has left Pakistani petroleum users in a state of dismay, with current petrol rates being the highest the country has ever experienced. Earlier in May, the price hike marked an increase of 20% to the existing prices.

This surge in prices is attributed to a rise in global commodity rates. Recent reports indicate that the cost of crude oil has climbed by $5 per barrel, going from $86 to $91 per barrel. This increase is largely due to the elevated prices of petroleum products on the global market. Additionally, a separate premium charge of $2 per barrel has been applied to crude oil.

Simultaneously, the international prices for both diesel and gasoline have also experienced a $5 surge, climbing from $97 per barrel to $102 per barrel.