Pakistan Prepares for Yet Another Significant Petrol Price Jump

As Pakistan marks its 77th Independence Day, the outlook for fuel prices is less celebratory, as the caretaker government gears up to implement a substantial upward revision in costs, possibly starting from August 16. The anticipated increase, reaching as high as Rs. 20, looms over the nation, casting a shadow on the festive mood. Forecasts indicate that petrol rates could climb by Rs. 15, while diesel may undergo a substantial Rs. 20 adjustment.

This price surge is attributed to the surge in global crude oil prices, with a notable escalation from $86 per barrel to $91 per barrel, coupled with an additional $2 premium. The impending announcement of these changes could dampen the spirits of everyday Pakistanis and potentially impact various sectors of the economy.