The federal government is likely to announce changes in prices of the petroleum products on Friday, with new prices set based on average global rates, sparking concern among citizens about a potential rise.
Finance Minister Muhammad Aurangzeb said that the global petroleum prices have been steadily increasing, adding that the International Monetary Fund has also released a report analysing the potential impact of the Middle East conflict on Pakistan’s economy.
The finance minister has warned that if the regional conflict continues, pressure on external payments could rise, and remittances from overseas Pakistanis may also be affected.
Meanwhile, Petroleum Minister Ali Pervaiz Malik confirmed that the official announcement will be made on Friday, but stressed that it is currently uncertain whether petrol prices will go up or down, as the new rates will be determined based on average international prices.
Pakistan raises petrol, diesel prices by Rs55 per litre
Meanwhile, Pakistan raised petrol and diesel prices by 55 rupees per litre after a sharp surge in global oil markets, the country’s petroleum minister said last week.
The petroleum minister has said international energy prices had risen sharply in recent days, forcing the government to take what he described as a “difficult decision” to increase domestic fuel prices.
