ISLAMABAD (Kashmir English): Pakistanis may once again face a fresh wave of fuel price pressure as petrol prices are widely expected to be revised upward soon, due to ongoing global crude oil market volatility and continuous currency exchange rate changes.
The anticipated adjustment comes at a time when inflationary pressures remain high, maintaining consumer and business uncertainty until the government makes its official announcement.
Prime Minister Shehbaz Sharif on Wednesday said that the government will review the petroleum product prices on Friday. The PM told the cabinet meeting that international fuel costs had increased, and he showed that Pakistan now spends $800 million weekly to import oil, which used to cost $300 million before the war.
He further shared that the country’s fuel consumption had decreased compared to previous weeks, stressing that the situation was being monitored regularly.
“Consultations are also being held with provinces to extend fuel subsidies,” the premier told the cabinet. PM Shehbaz further stated that Pakistan was doing well on the macroeconomic front before the war broke out.
However, “with the war, our efforts of two years have witnessed a setback”. The premier showed that Pakistan maintains its federal reserves at current levels even after making debt repayments, which included a $3.45 billion deposit to the United Arab Emirates (UAE).
The PM thanked Saudi Arabia for its leadership because the country recently transferred a $3 billion deposit and extended its $5 billion facility for three more years.
New Petrol Price will be Announced on Friday: PM
The Prime Minister further stated that the new petrol prices will be announced on coming Friday. Usually, the prices are announced near midnight and come into effect the next day after 12 am.
