Petroleum prices to be raised in Pakistan: Sources

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Petroleum prices to be raised in Pakistan: Sources

ISLAMABAD – Petroleum product prices are likely to see another round of increase from new month because of sharp depreciation of Pakistan rupee against dollar, registering a decline of more than five percent.

Petroleum Product price are likely see an increase of Rs 3 to Rs 4 per liter from August 1, 2018 where the final decision will arrive on 31st July following the approval of the ministry of finance.

“Again rupee movement came into the clouds and on Monday received fresh volley of battering against dollar where the green back rose by Rs 6.45 to close at Rs 128”, an analyst said. The closing level was highest in the history, the slide continued and the rupee on Tuesday, second day of the week closed at Rs 128.26, showing another rise of 26 paisa.

Beside increase in debt payment pressure all the imported commodities to record sharp increase following the increase in the value of dollar. Fresh increase is expected to trigger where price increase of several commodities including petrol and diesel are expected.

During the interim government rupee has been depreciated by almost Rs 12.76 while petrol price has witnessed an increase of Rs 7.54 in petrol price while diesel recorded an increase of Rs 14.30 per liter.

“The rise recorded before the increase in the dollar rate recorded on Monday, which hints that the price of petroleum products likely to show sharp increase”, an analyst said.