Petrol, Diesel prices likely to increase amid oil market pressure

ISLAMABAD: The prices of petroleum products are likely to surge by Rs 20 per liter across the country, following the global market dynamics, ARY News reported on Monday, citing sources.

According to the details, crude oil prices have surged from $86 to $91 per barrel due to the rise in petroleum products’ global prices. Additionally, a separate premium charge of $2 per barrel has been applied to crude oil.

The per-liter prices of both petrol and diesel have already escalated from $97 to $102, signifying an upward trend. If these prices persist, the cost of petrol could potentially increase by Rs. 15 per liter, while diesel might see an increase of Rs. 20 per liter, across the country.

The Pakistan Democratic Movement (PDM) coalition has imposed an unprecedented burden on consumers with substantial hikes in electricity and gas tariffs. This move has imposed an additional burden of over Rs. 1.8 trillion on consumers.

During its tenure, the previous government significantly raised the prices of petroleum products, reaching as high as Rs. 129.25 per liter for petrol, while the basic electricity tariff saw an increase of up to Rs. 15.41 per unit. Similarly, gas rates witnessed an increase of up to 112%, leading to historical highs.

Last year, an additional surcharge of Rs. 3.39 per unit was levied separately on electricity consumers. Gas consumers were burdened with an extra load of over Rs. 310 billion.