Petroleum prices in Pakistan increases by Rs 16 today

Petroleum prices in Pakistan increases by Rs 16 today

The government appears poised to impose an additional financial burden on its citizens, akin to a "petrol bomb," as it contemplates hiking petroleum and oil lubricants (POL) prices in response to the surging global crude oil market.

The international crude oil market has witnessed a steep ascent, with prices exceeding $90 per barrel, marking an astonishing 6 percent surge in just 15 days. This upward trajectory in global oil prices has necessitated a proposal to augment POL prices, citing the mounting costs associated with refining deals margin.

Among the proposed adjustments, the government is considering raising the price of petrol by Rs16, potentially elevating it to Rs321.35 per litre. Likewise, a proposal is on the table to increase the price of diesel by Rs13.50, potentially reaching Rs325.50 per litre. Additionally, there's a suggestion to increase the price of kerosene oil by Rs10 per litre and that of light-speed diesel by Rs8.80 per litre.

These proposed price hikes are significant and could have substantial repercussions for consumers across the country.

Informed sources reveal that the final verdict regarding the potential hike in petroleum product prices rests with the caretaker prime minister. It is only after securing the prime minister's approval that the official notification for these price adjustments will be issued.

Once implemented, these changes would take effect after 12pm, impacting the daily lives and budgets of ordinary citizens who rely heavily on these essential fuels for transportation and energy needs. This development underscores the complex interplay between global oil dynamics and domestic economic decisions, leaving the populace bracing for potential financial challenges ahead.

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