Petrol likely to cross Rs300 mark for first time in country’s history.
Petroleum prices are expected to rise beginning in September as the crisis-hit country battles the worst economic catastrophe in recent history.
The increase will be a double headache for inflation-affected people, who are already protesting rising electricity prices.
According to local media reports, another oil surge is predicted, as the price of petrol is expected to rise by Rs12 per litre beginning September 1, 2023.
Another increase was caused by an increase in global oil prices, as well as a decline in the value of the local currency, which affected the exchange rate impact.
According to reports, the price of diesel will rise by Rs14.83 a litre.
Also read: Why are petrol prices increasing in Pakistan? 5 factors
In recent weeks, the price of petrol has risen by Rs37.50 and that of diesel by Rs40 a litre.
As Petrol likely to cross Rs300 mark for first time in country’s history, the anticipated price hike will exacerbate current problems, as fuel and diesel prices were already raised by about Rs20 per litre in the previous revision.
Petrol prices are a major concern for people all over the world because they affect the cost of transportation, goods, and services. Petrol prices in Pakistan are influenced by a variety of factors, some of which are beyond our control, while others are influenced by government policies.
The price of crude oil on the international market is a major factor influencing the price of petrol.
Crude oil is the raw material used to make petrol, and its price is determined by supply and demand, geopolitical tensions, and economic conditions.
When demand for crude oil rises, so does its price, which has a direct impact on the price of petrol.
