Bad news for inflation-hit people as petrol price likely to hike by Rs7 per litre

The federal government is expected to increase the price of petroleum products by up to Rs8 per litre for the next fortnight, sources said on Thursday.

Well-placed sources within the Finance Ministry said the price of petrol is likely to be hiked by Rs7 per litre, while the price of diesel is expected to be raised by Rs8 per litre.

Sources said that the prices of commodities had increased in the international market by $5.5 per barrel in the last fortnight.

Prime Minister Shehbaz Sharif-led government had decreased the prices of POL by Rs35 per litre from Rs294 to Rs259 in the last four fortnight reviews.

In the last 15-day review on June 15, the prices of petrol and diesel were slashed by Rs10.20 and Rs2.33 per litre, respectively.

The current prices of petrol and diesel are Rs258.16 per litre and Rs267.89 per litre, respectively.

However, the Ministry of Finance will announce the new prices on the night of June 30 after consulting with the premier.