Tuesday, May 28, 2024

Pakistan: Massive increase in petrol prices expected tonight

The federal government is gearing up to announce another significant increase in petrol prices for the second consecutive time.

Sources indicate that petrol prices could soar by as much as Rs8.5, following the recent hike of Rs9.66 on March 31. Currently standing at Rs289.41 per litre, the potential increase could push the price of petrol to Rs298 per litre.

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In contrast, the price of diesel experienced a reduction of Rs3.32, bringing it down to Rs282.24 per litre.

Read: Global Oil Prices to Soar After Iran-Israel Conflict, Experts Warn

Petrol is primarily utilized in private transport, small vehicles, rickshaws, and two-wheelers, while diesel powers heavy vehicles, trains, and agricultural machinery such as trucks, buses, tractors, tube wells, and thrashers.

Fuel prices are reviewed and announced by the government every fortnight, with fluctuations influenced by various factors including international prices and the exchange rate of the rupee.

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