Petrol prices set for major hike from tonight

Sources say a proposal for a Rs7.67 per litre petrol hike is expected to be announced tonight after approval from PM

ISLAMABAD:

The government is poised to increase petroleum product prices from July 16, with petrol expected to go up by Rs7.67 per litre, high-speed diesel by Rs3.72 per litre, and kerosene by Rs2.73 per litre.

According to Express News, a proposal to raise the levy on petroleum products has been prepared and is awaiting final approval from Prime Minister Shahbaz Sharif.

The Ministry of Finance is expected to announce the new prices tonight following consultations with the premier.

The potential hike in petrol prices was reported earlier on July 13, when it was revealed that the government is considering a substantial increase in petroleum product prices, as consumers brace for the impact amid existing inflationary pressures.

Consumers, already grappling with inflation, are expected to face an additional blow due to the hike in petroleum product prices for the latter half of July 2024.

It was reported that the adjustments, influenced by global oil prices, currency exchange rates, and financial dynamics in the energy sector, could elevate petrol to Rs273.28 per litre, HSD to Rs281.25, kerosene oil to Rs184.25, and LDO to Rs166.65 during the latter half of July 2024.

Last week, sources also indicated the possibility of further oil price hikes in the event of an additional petroleum levy of Rs5 per litre.

Yesterday, the PML-N-led federal government finally notified a phenomenal increase in power tariff for all consumers including those served by the K-Electric—a hike that is going to affect millions of power users across the country.

The Power Division on Sunday issued the notification for the increase in the basic electricity tariff, raising the basic tariff for domestic consumers by up to Rs7.12 per unit. However, domestic consumers using up to 200 units per month are exempt from this increase for three months.