Finance Minister Shaukat Tarin has announced a possible petrol price increase in the near future.
He explained that crude oil rates are on a constant rise in the international market and that the government cannot contain the prices artificially.
Minister Tarin highlighted that the Ukraine—Russia conflict has increased the oil prices significantly, leaving the government with no choice but to pass the prices hikes on to the public.
It was announced earlier this month that the petrol prices are expected to reach an all-time high amid the ongoing surge in the prices of oil, and industry sources expect the government to hike petroleum prices by up to Rs. 10 per liter.
The current prices of a liter of fuel are:
- Petrol — Rs. 147.83
- High-speed diesel — Rs. 144.62
- Kerosene oil — Rs. 116.48
- Light-speed diesel — Rs. 114.54.
The forthcoming increase could drive the price of petrol up to Rs. 158 per liter.
Meanwhile, industrialists and the public are concerned about the inevitable price hikes as they could impact the work of several individuals and enterprises.