PESHAWAR: The prices of petroleum products in the country are likely to increase by up to Rs 10 at the beginning of next month due to increase in global crude oil prices.
According to industry sources, petrol and diesel are likely to see the hike in Pakistan after the rise in crude oil prices in the global market. Sources said that the price of diesel is likely to increase by Rs10 per liter and petrol by Rs7 per liter from February 1.
‘New Year gift’: Govt hikes petrol price by Rs4 per liter
‘Mini-budget’ to bring new wave of inflation: SCCI
Minister: high Inflation behind PTI’s defeat in LG polls
The final price will be determined by January 30 due to price fluctuations or amendment in taxes.
The fuel price hike will usher in another round of inflation across the country which the government considers a “major challenge”. Prime Minister Imran Khan has said that the PTI government faced a very difficult situations in the past three years but inflation was the “biggest challenge”.
He had promised that his government would overcome it ‘very soon’, saying that targeted subsidy is being provided to the weaker sections of the country. Earlier, the Finance Minister Shaukat Tareen had said that the prices would be reduced in three months but now he has also backtracked from his statement, saying that he can see any relief against inflation in coming three months.
Foreign Minister Shah Mehmood Qureshi has also termed inflation a ‘major challenge’, saying that the government has no threat from the opposition. Speaking in the National Assembly, Qureshi has said, “We have made difficult decisions in the last few years. We have been hit hard, but now we are steadily moving towards recover.” He said that the World Bank has also acknowledged the Pakistan Tehreek-e-Insaf (PTI) government performance but inflation is ‘major challenge’.
In the international market, the crude oil prices have increased for consecutive six times a week mainly due to Ukraine crisis. The Reuters reported that on Friday that Brent crude rose by 0.7 percent and hit its highest since Oct 2014.