Pakistan petrol prices likely to increase from July 1
International oil prices have doubled
Photo: Online
Petroleum products are likely to become more expensive in Pakistan from July 1 following a rise in the price of crude oil in the global market.
The price of crude oil, which was $20 per barrel in the world market two months ago, has risen to $41.18 per barrel, showing an over 100% increase in the commodity’s price.
The international price of oil has been volatile since the COVID-19 pandemic gripped the world. This period also saw a historic low in the international price of oil when it dipped below zero.
In Pakistan, the volatility in international prices of oil turned into an oil crisis as several oil companies stopped selling petrol and long queues were seen at the few pumps where the fuel was available.
Economist Dr Waqar says in the budget, the government has announced that it will be fixing the petroleum levy at Rs30 per litre while an additional 17% sales tax and freight margin will also be imposed.
OGRA will send a summary of the prices to the government by the end of this month after which the prices are expected to be revised.
2 Comments
Tell us what you think:
Prices should be increased for July 2020 so that public may get fuel easily in so hot weather. At today’s low prices OMCs are not supplying products to pumps in wait of expected price hike from July 01, if no increase on price then puplic will have to be disgraced in search of Petroliums. Today at Faisalabad depot petrol price is RS. 82 while HSD price is 83 for petrol pump owners in open market so how public can get products on regulated prices. Pump owner are forced to sale small quantities to public at controlled rates and 80%of their stocks they try to sale out in open market with the profit of 5 to 10rupees. All this profit is being paid by poor public away from cities i.e in rural areas in shape of RS. 120 to 140 per liter petrol price.
So it will be better if Govt. Increases prices by RS. 10 per liter for July 2020,
Waqas.. they listened to you about 2.5 times.