ISLAMABAD: As global commodity price rise, Pakistan may raise petroleum prices by Rs14 to Rs24 per litre by the next bi-monthly review (August 16-31).

As the international oil prices kept rising during the last 15 days, the government may raise rates by Rs14 per litre petrol and Rs24 per litre high speed diesel (HSD).

The government has already hiked petrol and HSD prices by nearly Rs20 with effect from August 1, 2023. The International Monetary Fund (IMF) loan conditions forced the government to pass on rising international commodity prices to local consumers.

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Over the past two weeks, refined product prices have risen by $13 per barrel to $111 per barrel, and petrol prices have climbed by $7 per barrel to $97 per barrel.

The government is charging Rs 55 petroleum levy on petrol and Rs 50 per litre on HSD. Potential price rise may affect August inflation.

Copyright Business Recorder, 2023