Petrol price likely to increase to Rs 550, diesel to Rs 750

ISLAMABAD:  (Web Desk) Due to the tense situation in the region, fuel prices have started skyrocketing, and a sharp increase in the price of petroleum products is being shown in Pakistan.

Sources say that the price of petrol in the country is likely to increase to Rs 550 while the price of diesel per liter is likely to increase to Rs 750.

According to sources, the Petroleum Division has prepared a summary regarding the increase in the price of petroleum products, which will be sent to Prime Minister Shahbaz Sharif. The Prime Minister will take the final decision regarding the change in the price of petroleum products.

Government absorbs Rs69 billion to stabilize fuel prices

It should be remembered that earlier, the government had increased the price of petrol and diesel by Rs 55 and 55 per liter, keeping in mind the situation, while later it was decided to maintain the prices of petroleum products twice.

Now sources say that in view of the global scenario, the price of petroleum products is likely to increase by more than Rs. 200.

Economic experts say that if the government decides to increase the price of petroleum products to this extent, a new wave of inflation will come. Transport costs will increase due to the increase in the cost of petrol and diesel, which will result in the prices of food items, vegetables, flour and other essential items.

According to experts, the purchasing power of the public will decrease, while the middle class will be under the most pressure, which is likely to further complicate the overall economic situation.