Petrol Prices Might Get Massive Hike From August 16

Petrol Prices in Pakistan might get a massive hike from 16 August 2023 as the Caretaker Government is all set to announce an increase of up to Rs. 20 per litre.

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According to the details, the Caretaker Government is expected to increase the Petrol Price in Pakistan by Rs. 15 per litre, while the Price of High-Speed Diesel (HSD) will likely get a hike of Rs. 20 per litre.

The reason behind the hike in Petrol Prices in Pakistan is said to be an increase in the international crude oil prices, which have jumped from $86 per barrel to $91 per barrel, while international Diesel and Petrol Prices have gone up from $97 a barrel to $102 per barrel.

The hike in Petrol Prices will trigger another wave of inflation in the country and price of everyday basic commodities may rise even further, putting the general public under even more pressure.

During the last fortnight, the PMD-led Government announced an increase of Rs. 19.95 per litre in the Price of Petrol and a hike of Rs. 19.90 per litre in the Price of High-Speed Diesel (HSD), bringing the new rates at Rs. 272.95 and 273.40 per litre respectively.