As Pakistan faces its worst economic crisis, citizens in the South Asian nation are likely to face another crude shock. Local media reports indicate that petrol and diesel prices are likely to increase by Rs 32 per litre from February 16.
Petroleum, oil and lubricant prices have increased further and stood at around Rs 272 for the next fortnight. This could force the government to hike petrol and diesel prices again.
Official and industrial sources quoted in reports indicate that petrol prices would likely go up by 12.8 per cent or by PKR 32.07. This would take the effective price to nearly PKR 282 per litre, compared to PKR 250. Likewise, diesel prices could rise by 12.5 per cent or by PKR 32.84 to PKR 295.64, compared to PKR 262.8.
Even the price of Kerosene oil is expected to increase 14.8 per cent or by PKR 28.05 to PKR 217.88 per litre.
Petrol and diesel prices in Pakistan have been on the rise for a while, in the wake of a sharp decline in its currency and the rising cost of oil imports. The government had earlier increased the price of petrol and diesel by PKR 35 per litre from the period of February 1 to February 15.
Not just petrol and diesel, but prices of other essential commodities, including milk and meat, have also skyrocketed in Pakistan.
It has been reported that citizens of the cash-strapped nation are currently buying milk at PKR 210 per litre, while a kg of chicken costs Rs 700-800. Meanwhile, the cost of boneless meat has now hit a high of PKR 1,000-1,100 per kilo.