Pakistanis are set to face another hike in petrol and diesel prices starting November 16, driven by rising global oil prices and IMF demands for the imposition of GST.
The expected increase comes as a result of higher international oil rates and elevated import premiums, along with the possibility of additional taxes being introduced by the government.
Sources indicate that petrol prices could rise by Rs4 per liter, while diesel prices may increase by Rs5 per liter. This follows a jump in international crude oil prices, with petrol rising by $1.7 per barrel and diesel by $4.4 per barrel. The Pakistani rupee has remained stable against the US dollar during this period, mitigating some of the impact.
If the price hike goes through, petrol will likely reach Rs253 per liter, while High-Speed Diesel (HSD) is expected to rise to Rs261 per liter.
This follows a recent, smaller price increase when petrol and diesel prices were raised by Rs3.85 per liter. With global oil prices continuing to climb, the upcoming price adjustments are expected to place additional financial strain on consumers, especially those in the transportation and logistics sectors.
Additionally, there are also reports about more hikes in the prices based on the IMF demands from Pakistan to impose General Sales Tax on petroleum products and also increase the levy on petrol and diesel by Rs10 per litre.
