Fuel prices in Pakistan are likely to see an upward revision starting August 16 as the caretaker government is all set to announce an increase of up to Rs. 20. Pakistan is celebrating its 77th Independence Day today, but the news of another massive increase in prices of fuel is set to break the spirits of average Pakistanis. Petrol prices are likely to increase by Rs. 15 while diesel could see a revision of Rs. 20. The reason behind the price hike is said to be an increase in crude oil prices which jumped from $86 per barrel to $91 per barrel, with a $2 premium on top of it. Similarly, international diesel and petrol prices have gone up from $97 per barrel to $102 per barrel.
Previously, the PDM government announced an increase of Rs. 19.95 to meet the IMF demands. Note here that the current petrol price stands at Rs. 272.95 while diesel is being sold at Rs. 273.40.
Earlier, Pakistan decided to suspend the purchase of Russian oil, claiming that it has little to no impact on the overall price at which the citizens buy fuel.
