Price of petro products in Pak likely to be increased by PKR 20: Report

The price of petroleum products in Pakistan is likely to witness a rise by Pakistani Rupees (PKR) 20 per litre, Pakistan-based ARY News reported citing sources.

As per the details, the price of crude oil has increased from USD 86 to USD 91 per barrel due to the rise in petroleum products' global prices. In addition, a premium charge of USD 2 per barrel has been applied to crude oil.

The per litre price of both petrol and diesel has increased from USD 97 to USD 102, demonstrating an upward trend, ARY News reported. If these prices persist, the price of petrol could potentially witness a rise of PKR 15 per litre, while the cost of diesel might see a surge of PKR 20 per litre, across the nation.

During its tenure, the Pakistan Democratic Movement (PDM)-led government increased the cost of petroleum products and the prices reached as high as PKR 129.25 per litre for petrol, according to ARY News report. Meanwhile, the basic electricity tariff was increased by up to PKR 15.41 per unit.

Similarly, gas rates were raised by up to 112 per cent, ARY News reported. In 2022, an additional surcharge of PKR 3.39 per unit was imposed on electricity consumers. Gas consumers were burdened by an additional burden of more than PKR 310 billion.

Earlier on June 30, Pakistan Finance Minister Ishaq Dar announced that petrol prices will remain the same but diesel prices have been increased by Rs 7.50 for the next fortnight, Pakistan-based Geo News reported.

In a late-night press conference, Dar said, "There has been no increase in the price of petrol." He, however, added that the diesel price has been increased by Rs 7.50 per litre.