Petrol price likely to go up by Rs9 before Eid-ul-Fitr

F.P. Report

ISLAMABAD: The federal government is likely to allow another massive hike in the prices of petroleum products effective from June 1, just days ahead of this year’s Eid-ul Fitr.

According to sources, the price of petrol may see a rise of Rs9 to reach Rs116.95 per liter.

The proposal includes the price of high speed diesel (HSD) by Rs8.99, taking the new price to Rs131.31 per liter. The new price of kerosene may be increased by Rs1.69, taking the proposed price to Rs98.46.

Similarly, price for light diesel oil (LDO) is likely to increase by Rs1.68, thereby taking the new price to Rs88.62 per liter.

The final decision will be taken by the prime minister in consultation with the finance ministry.

The impact of rupee depreciation against the dollar is said to be incorporated in HSD and petrol prices, while the remaining increases would be made due to the rise in crude oil rates.

Earlier this month, the Pakistan Tehreek-e-Insaf (PTI) government dropped its first ‘petrol bomb’ on masses, increasing prices of petroleum products by up to nearly 10%.