ISLAMABAD – Petroleum product prices are likely to see another round ofincrease from new month because of sharp depreciation of Pakistan rupeeagainst dollar, registering a decline of more than five percent.
Petroleum Product price are likely see an increase of Rs 3 to Rs 4 perliter from August 1, 2018 where the final decision will arrive on 31st Julyfollowing the approval of the ministry of finance.
“Again rupee movement came into the clouds and on Monday received freshvolley of battering against dollar where the green back rose by Rs 6.45 toclose at Rs 128”, an analyst said. The closing level was highest in thehistory, the slide continued and the rupee on Tuesday, second day of theweek closed at Rs 128.26, showing another rise of 26 paisa.
Beside increase in debt payment pressure all the imported commodities torecord sharp increase following the increase in the value of dollar. Freshincrease is expected to trigger where price increase of several commoditiesincluding petrol and diesel are expected.
During the interim government rupee has been depreciated by almost Rs 12.76while petrol price has witnessed an increase of Rs 7.54 in petrol pricewhile diesel recorded an increase of Rs 14.30 per liter.
“The rise recorded before the increase in the dollar rate recorded onMonday, which hints that the price of petroleum products likely to showsharp increase”, an analyst said.