Another Hike in Petrol Prices is Expected

State Minister for Petroleum, Musadik Malik, has warned of another hike in the Petrol Prices in Pakistan after yesterday’s crash of the Pakistani Rupee against the US Dollar (USD to PKR) as it reached Rs. 285.09 at the closing of the interbank market.

According to the Minister, the Pakistani Rupee’s devaluation will trigger an increase in the Petrol Prices in Pakistan in the coming days, adding that political instability in one of the main reasons behind the local currency’s dismal performance.

He added that the Federal Government was in talks with Moscow to buy Petrol and Gas at cheaper rates.

It is pertinent to mention that Finance Minister, Ishaq Dar, had announced a reduction in the Price of Petrol, Kerosene Oil, and Light Diesel Oil (LDO) during the last fortnight review. Meanwhile, the Price of High-Speed Diesel (HSD) was maintained at the previous rate.

Current Petrol Prices in Pakistan

Increase in Gas and Power Tariff

Meanwhile, the Economic Coordination Committee (ECC) has approved an increase in the power tariff for all consumers across the country, including K-Electric customers in order to meet the demands of the International Monetary Fund (IMF) to resume the loan programme.

Read more: ECC Okays Increase in Power Tariff to Meet IMF Demands.

Furthermore, the gas tariff will likely see another massive price hike as both gas utility companies, Sui Southern Gas Company (SSGC) and the Sui Northern Gas Pipelines Limited (SNGPL) have sought an increase in their tariffs by up to Rs. 730.39/MMBTU in order to meet their revenue shortfall for the financial year (FY) 2023-24.

Read more: Consumers Should Prepare For Massive Hike in Gas Tariff.

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