Inflation-hit Pakistan is set to face another increase in petrol prices, with proposals indicating a rise of Rs. 2.58 per liter for petrol and Rs. 5.91 per liter for high-speed diesel.
If approved, the price of petrol will reach Rs. 250.96 per liter, while high-speed diesel will cost Rs. 261.05 per liter. Sources suggest that the hike is primarily driven by the rising premium on petroleum products in the global market and increasing import costs.
The proposed price adjustments are expected to take effect from November 16, according to government sources. This follows a previous hike on October 31, when the federal government announced new prices for petroleum products for the fortnight, increasing petrol prices by Rs. 1.35 to Rs. 248.38 per liter and raising the price of high-speed diesel by Rs. 3.85 to Rs. 255.14 per liter.
In contrast, prices of light diesel and kerosene oil saw a decrease. Kerosene oil was reduced by Rs. 4.92 to Rs. 148.5 per liter, while the price of light diesel dropped by Rs. 2.61 to Rs. 147.51 per liter.
The news of the proposed hike comes amid rising inflation in the country, with the Sensitive Price Indicator (SPI) reporting a 15.02% increase in weekly inflation for the week ending October 17. The SPI, which tracks the prices of essential items in 17 urban centers, rose by 0.28% from the previous week, further straining the financial situation of many Pakistanis.
As the government weighs the price hike, the burden of inflation continues to weigh heavily on the economy, with citizens facing higher costs for essential goods and services.
