Petrol prices likely to jack sharply after shocking rupee devaluation in Pakistan

BusinessPetrol prices likely to jack sharply after shocking rupee devaluation in Pakistan

LAHORE: Huge price hike on petroleum prices is on the cards as rupee devaluation is likely to trigger a new wave of price hikes, especially for the basic commodities.

Amid the worrisome situation, rumours were rife on social media that Oil & Gas Regulatory Authority has proposed a petrol price hike of Rs83.50 on petrol.

   

The development shocked many citizens as the price of petrol will hit 300 rupees per litre,if the Sharif-led government approve the hike. The move will directly haul up inflation to an unprecedented level, causing woes to already distressed citizens who could not be able to meet finances.

PakWheels, a noted automobile platform, quoting the country’s largest securities brokerage and investment firm, claimed that the new expected prices of petrol will be set at Rs288 per litre, and high-speed diesel (HSD) likely to cost Rs323 from the start of the next month.

https://twitter.com/CarsEnthusiast1/status/1619190700628934657

However, the concerned officials remain tight-lipped about the development as no member from the Ministry of Finance rebutted the claims.

The price hike though needs a nod from Prime Minister’s Office as officials flocked every two weeks to discuss and set the petrol price for every fortnight.

Earlier this month, Finance Ministry remain petrol prices unchanged for the second half of January 2023, while the raise in price on POL prices is inevitable in wake of rupee depreciation.

The current prices for petrol are Rs 214.80 per litre, Rs 227.80 for High-Speed Diesel (HSD), Rs 169 for Light Diesel and Rs 171.38 for Kerosene Oil.

Negotiations with International Monetary Fund (IMF) are yet to be revived, with the global lender demanding more progress on economic reforms, including a sharp rise in petroleum products.

The recent development comes on the heels as the Pakistani Rupee PKR nosedived to all-time low against USD, days after exchangers slashed cap on the greenback.

The worrisome situation also raised eyebrows as the ruling party announced a slew of people friendly measures.

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