Pakistan has seen an almost consistent fuel price hike in the last few months. But according to Chairman OGRA Masroor Khan, the nation can expect the prices to keep rising for as long as March 2022, as reported by media.
Chairman OGRA, while briefing the Senate committee, further mentioned that importing the diesel ends up costing around Rs109 a litre at port, and other expenses and taxes add Rs25 on top of that.
The price of petrol is expected to be increased by Rs7 to 9 a litre starting from November 2022. Diesel might also see a similar price jump. On 16th October, the government increased the price of petrol to Rs137.79 per litre from Rs127.21; an increase of Rs10.49 whereas the price of diesel was increased to Rs134.48 per litre from Rs121.99 which is an increase of Rs12.49. So after the 30th of October, you can expect the price of petrol to jump to around Rs147 a litre.
The fuel prices have seen an incline almost globally. In Asian market, the countries have either already increased the prices or they are thinking about it. The Indian government revised and increased the prices of both petrol and diesel yesterday, on 28th October 2021. Sri Lanka has also increased the prices whereas Bangladesh is considering it. Similarly, the European countries have also seen a similar trend in fuel price hike.
It will be interesting to see how the government will handle the constant pressure on inflation, including fuel price increase, not only from the opposition parties but also from the general public.