From August 01, the Federal Government is expected to raise petrol and diesel prices by Rs10-17 per litre. The reason for the estimated increase being the exchange rate going haywire.
As per sources, the hike by Rs10 in petrol and Rs16-17 in diesel prices has been estimated without adding the petroleum levy (PL). And if the government increases the petroleum levy of Rs5 per litre on petrol, then prices are expected at Rs15 per litre and diesel at Rs23 per litre.
— Global Times Pakistan (@GlobalTimesPak) July 29, 2022
Industrial sources say that so far in the current month, the US dollar value has appreciated by Rs40. They said that the exchange rate of today (Friday) will determine the exact prices of petrol and diesel.
Pakistan is currently experiencing a 13-year-high inflation, reaching 21.3% last month. This increase in petrol prices will follow a subsequent decline in fuel prices as a result of a decline in global prices for inflation-hit consumers.