The federal government is set to implement substantial hikes in petroleum product prices starting July 16, impacting consumers already grappling with inflationary pressures. Petrol prices are expected to surge by Rs7.67 per litre, high-speed diesel by Rs3.72 per litre, and kerosene by Rs2.73 per litre.
The proposed increase, awaiting final approval from Prime Minister Shahbaz Sharif, includes adjustments in response to global oil prices, currency exchange rates, and financial dynamics in the energy sector. The Ministry of Finance is anticipated to announce the revised prices tonight following consultations with the premier.
Earlier indications on July 13 had already hinted at the government’s contemplation of a significant price hike, prompting concerns among consumers about its impact amidst existing inflation. If implemented, petrol could climb to Rs273.28 per litre, high-speed diesel to Rs281.25, kerosene to Rs184.25, and light diesel oil to Rs166.65 by the latter half of July 2024.
Additionally, sources have suggested the potential for further increases in petroleum prices if an additional petroleum levy of Rs5 per litre is imposed.
In a separate development impacting households nationwide, the PML-N-led federal government recently notified a substantial rise in electricity tariffs, affecting millions of consumers including those served by K-Electric. The Power Division’s recent notification raises the basic electricity tariff for domestic consumers by up to Rs7.12 per unit, although those using up to 200 units per month will be exempt from this increase for the next three months.
These developments underscore the economic challenges facing Pakistani consumers, compounded by escalating energy costs and inflationary pressures.
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