ISLAMABAD – Pakistanis brace for another hike as Petrol and Diesel prices in Pakistan are about to climb from July 1, amid sharp rise in global oil prices.
A Karachi based brokerage firm warn that this could mean painful increases for consumers nationwide, but there might be a silver lining later in the month.
Between June 16 and June 30, the average global price of diesel soared to to $87 per barrel, while petrol prices rose nearly 6% to $78.42 per barrel. These increases followed escalating geopolitical tensions affecting the international oil market.
To reduce immediate impact on masses, Pakistani government is expected to consider temporarily lowering petroleum development levy (PDL), and petrol price will move up by Rs4-5per litre and diesel rate could see Rs8 per hike for next fortnight.
Read more: Pakistan Sees Surge in Furnace Oil Exports Despite Monthly Dip in Petroleum Shipments
Looking ahead, if international oil prices continue to decline, experts anticipate potential price cuts in the second half of July.
The recent developments come in the wake of the government’s announcement of new levies effective July 1 and a fuel price increase implemented on June 16.
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