Another fuel price hike in the offing

Another fuel price hike in the offing


Another fuel price hike in the offing

LAHORE (Web Desk) – Another spike in the prices of petroleum products are expected today (Sept 15).

According to the media reports, the POL prices are estimated to rise again owing to higher international oil prices.

The prices of both petrol and high-speed diesel could go up by about Rs10-14 and Rs14-16 per litre, respectively, for the next fortnight, while kerosene price would also get costlier by about Rs10 per litre.

But it isn’t just the global prices as the devaluation means Pakistan spends more on imports, thus fuelling inflation which means increase in the cost of living, reducing purchasing power, deteriorating quality of life and igniting the food security crisis.

Although the rupee has strengthened in recent days with official exchange rate standing on Rs296.85 on Friday, the rising oil prices in global market means negligible positive gains are nullified.

But the different taxes and levies imposed to enhance revenue collection won’t allow decrease as the government is following the strict conditions set by the International Monetary Fund (IMF).

Meanwhile, the latest expected fuel price hike will further increase the transportation cost for individuals and goods, thus pushing the food prices as well.