Petroleum product prices in Pakistan are projected to reach an all-time high today, as the government is scheduled to raise gasoline prices by Rs18 per litre for the remainder of February (Tuesday).
According to sources familiar with the situation, the recent increase in worldwide gasoline costs caused by tensions between Russia and Ukraine may push up the prices of petroleum goods in Pakistan.
According to reliable sources, petrol and diesel prices may rise by Rs13 and Rs18 per litre beginning today.
In Asian markets, Brent crude and WTI are trading at roughly $96 and $95 per barrel, respectively, according to the sources.
It is worth noting that, for the first time in Pakistani history, the price of fuel is anticipated to reach Rs160 per litre due to surging crude oil prices on the global market.
If the government decides to pass on the cost of rising oil prices in the international market to consumers, fuel prices might rise to Rs160.83.
Petrol is now marketed in the nation for Rs147.83 per litre, high-speed diesel (HSD) at Rs144.62, and light diesel oil (LDO) at Rs114.54 per litre.
The Finance Minister has hinted at a rise in petroleum prices.
On February 10, Finance Minister Shaukat Tarin warned that petroleum prices in the country will rise in the following days, noting that the government could not artificially decrease petroleum product prices.
Aaj Shahzaib Khanzada appeared on Geo News Programme. According to Kay Saath, Federal Minister of Finance Shaukat Tarin, the International Monetary Fund (IMF) wants us to eliminate tax exemption from the provident fund, which will burden the poor.
As a result, the government would discuss with the IMF on the issue of tax exemption on provident funds, he said.