ISLAMABAD (Kashmir English): The petrol and diesel prices are expected to rise tonight for next week’s fuel price adjustment, with High Speed Diesel set to receive a steep increase amid a rise in global oil prices.
As per initial estimates, prices of HSD could see an increase of as much as Rs. 40 per litre, while petrol could become Rs. 10 per litre costlier from July 18 once the prices become effective.
Sources revealed that the government is thinking of reducing the petroleum levy to ease the burden on consumers due to the international price rise.
The expected hike has also resulted in the emergence of diesel hoarding in different parts of the country, despite the assurance of sufficient petroleum stock at the national level, which is causing temporary shortages at certain filling stations.
The matter was discussed in a meeting of the National Committee on Monitoring and Coordination (NCMC), which comprised OCAC and OGRA among others.
As per government officials, sales of petroleum products in the first half of July have witnessed an unusual increase compared to the usual level of consumption, indicating possible hoarding activities by traders before the anticipated increase in prices.
The committee advised OGRA to tighten its monitoring and crack down on speculation, while the provincial governments have been requested to conduct inspections and deal with anyone who creates an artificial scarcity of fuel.
It was made clear that petroleum stocks in the country are enough for the prevailing levels of consumption and consumers have been requested not to indulge in panic buying of fuel.
