ISLAMABAD (Kashmir English): The petrol prices in Pakistan are likely to increase again due to the continuous hike in global crude oil prices amid the recent conflict in the Middle East.
Crude oil prices are continuing to increase globally, which will also have an impact on the prices of petroleum products in Pakistan in the coming days.
Sources have said that there is a possibility of a major increase in the prices of petroleum products this time, which will bring prices to the highest level in the history of the country.
The petrol price is likely to hike by Rs 55 per litre and high-speed diesel by Rs 75 per litre. OGRA will send the summary to the Petroleum Division after two days, sources added.
Prime Minister Shehbaz Sharif will give the final approval for the increase in the prices of petroleum products.
The government can increase the prices of petroleum products in phases in two weeks instead of one, while the prices can also be maintained at the current level by providing subsidies.
OGRA had also sent a summary last week to increase the price of petrol and diesel. However, the government had maintained the price of petrol and diesel while increasing the price of kerosene by Rs 70.73 per liter and the levy on high octane by Rs 200 per liter.
Federal Minister Mosaddiq Malik said that last week the government did not increase the prices of petroleum products; instead, it provided a subsidy of Rs 127 per liter on petrol and more than Rs 200 per liter on diesel.
High-octane fuel price hiked
Prime Minister on Sunday announced an increase of Rs200 per litre levy on high-octane petrol used in luxury vehicles.
According to the media wing of the Prime Minister’s Office (PMO), the move is expected to generate Rs9 billion in monthly savings for the government, from which the ordinary people will be given relief.
During a video meeting chaired by PM Shehbaz, it was decided to “increase the current levy on luxury vehicles used by the richest class, which is Rs 100 per liter, by Rs 200 per liter.”
The Prime Minister took notice that the levy on high-octane fuel used in the most expensive vehicles should be increased, a statement issued by PMO said.
It added that a levy of Rs 300 per liter will now be applicable on high-octane fuel used in the most expensive vehicles.
