Historical increase in petroleum product prices expected

ISLAMABAD: Due to the ongoing tension in the Middle East, crude oil prices are continuously increasing globally, in view of which a record increase in the price of petroleum products is also being expressed in Pakistan.

Sources say that there is a possibility of a major and historical increase in the prices of petroleum products once again, after which the prices of petroleum products will reach the highest level in the country’s history.

In this regard, sources have said that there is a possibility of an additional increase in the price of petrol in Pakistan by Rs 55 and the price of high-speed diesel by Rs 75 per liter. In this regard, OGRA will send its working to the Petroleum Division in two days, while Prime Minister Shahbaz Sharif will take the final decision regarding the change in prices.

According to sources, the government can increase the prices of petroleum products in phases in two weeks instead of one, while the prices can also be maintained at the current level by providing subsidies.

It should be noted that after the Iran-US war, the government had increased the prices of petrol and diesel by Rs 55 per liter on March 7, after which the price of petrol per liter in Pakistan reached Rs 321.17 paise while the price of diesel per liter reached Rs 335.86 paise.

It should be remembered that last week, OGRA had also sent a summary of the increase in the price of petrol and diesel to the federal government, however, the government had decided to maintain the price of petrol and diesel, while the price of kerosene was increased by Rs 70.73 paise per liter, while the levy on high octane was increased by Rs 200 per liter.