Petroleum prices likely to go up

ISLAMABAD: The federal government is likely to hike petroleum prices for the next fortnight starting from July 16 in a move that is expected to further increase inflation, ARY News reported citing sources.

The petrol price is likely to see an increase of Rs 7.67 per litre, High-Speed Diesel (HSD) Rs 3.72 per litre, and kerosene oil Rs 2.39 per litre.

The proposed increase in petrol prices is Rs 7.67 per liter would raise the price from Rs 265.61 to Rs 273.28 per liter.

Additionally, the proposal included an increase of Rs 3.72 per liter for high-speed diesel, pushing the price from Rs 277.45 to Rs 281.17 per liter. The price of kerosene is suggested to rise by Rs 2.39 per liter.

The Ministry of Finance is expected to make an official announcement after consultation with Prime Minister Shehbaz Sharif.

It is anticipated that consumers who are already burdened by growing living expenses would bear even more of a strain from this price increase.

Additionally, the sources the government is also expected to rise the petroleum levy Rs 5 per litre.

Earlier, the federal government increased the petrol price in the country by Rs 7.45 per litre from July 1.

According to a notification issued by the Finance Division, the petrol price was fixed at Rs265.61 per litre, Rs7.45 up from the previous Rs258.16 per litre.

Similarly, the high-speed diesel was fixed at Rs277.45 per litre, Rs 9.56 up from the previous rate of Rs 267.89 per litre.