In a disconcerting development, consumers in Pakistan are bracing themselves for yet another jolt to their wallets, as the caretaker government prepares to unveil the anticipated surge in petroleum product prices today.
Sources privy to the matter said a comprehensive document outlining potential adjustments to the pricing of petroleum products has been meticulously crafted. revealing that the price of petrol is poised to soar by an estimated Rs 12 per litre, while diesel is expected to command an even heftier increase of Rs 20 per litre.
According to reliable insiders, the Oil and Gas Regulatory Authority (Ogra) is poised to expeditiously dispatch this document to the esteemed Ministry of Petroleum in the near future.
Among the contemplative measures laid out in the working paper, an inclination towards augmenting the cost of petrol by Rs 12 is perceptible, as divulged by well-placed sources privy to the matter. Similarly, the proposition to elevate the price of high-speed diesel by Rs 20 has garnered attention within the corridors of decision-making.
Moreover, in the realm of deliberations, lies a proposition seeking to adjust the price of kerosene, details of which are still unfolding. Similarly, a considered recommendation suggests an upward revision in the price of light diesel, with an envisaged increase of Rs 8 per liter.
The impetus behind this impending escalation can be traced to the tumultuous dynamics of the global market, where the price of the commodity has surged significantly. The surge is underpinned by a $5 per barrel uptick in the price of crude oil, with the benchmark soaring from $86 to $91 per barrel.
A pertinent contributing factor is the mounting prices of petroleum products on the international stage. Furthermore, an additional premium charge of $2 per barrel on crude oil further compounds the upward pressure on prices.
In parallel, the international market has witnessed a parallel elevation in diesel and petrol prices, with a pronounced uptick of $5 per barrel. This surge has propelled prices from $97 to a notable $102 per barrel, exacerbating concerns for consumers who are already grappling with economic uncertainties.
However, the looming decision remains firmly entwined with the nation’s internal economic milieu. Recent data from the Institute of Statistics underscores the economic implications, revealing a substantial 40% drop in the annual imports of petroleum products during the month of June.
In stark contrast to the previous year, where imports tallied at a formidable 418 billion rupees, the same period this year witnessed a significant contraction, with petroleum imports plunging to 252 billion rupees.
Simultaneously, the global crude oil market has been experiencing its own tumultuous journey, marked by significant fluctuations in prices. Reports indicate that Brent oil prices underwent a 1% decrease, settling at 85.74 dollars per barrel.
A parallel drop was observed in the US crude oil market, with prices sliding by 1.3% to stand at 82.12 dollars per barrel.
