Petrol prices in Pakistan may rise at the end of August and at the beginning of September 2023, given the depreciation of the Pakistani rupees and increase in oil prices internationally.
The government last announced petrol and diesel prices in the middle of August jacking up the rates by up to Rs20 per litre.
Suspended rupee has lost more of it’s value against the US dollar. The greenback broke the Rs300 mark for the first time in history earlier this week in the interbank market. By the end of the week, it was trading at Rs303.
In the open market, the US dollar hit Rs316 this week.
Melo on the international market the oil prices have been on an upward trajectory since August 24.
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The benchmark Brent crude oil was trading at over $84 per barrel higher from $82 on August 16.
Arab Light the crude oil Pakistan uses hit $88 per barrel.
Pakistan meets most of its fuel needs by importing refined petroleum products from the Middle East, calculating the cost in US dollar terms.
The rising US dollar value has already increased the price of imported petroleum products for Pakistan and the higher cost will be passed arm to the consumers.
