Petrol price likely to hit Rs290 per litre ahead of Eid-ul-Fitr

Petrol prices in Pakistan are expected to increase by up to Rs11 per litre ahead of Eid-ul-Fitr due to high import premiums and the rising value of the commodity in the global market.

The price of high-speed diesel (HSD) is also expected to increase by Rs2 per litre.

In the last fortnight review on March 16, the government had decided to keep the price of petrol unchanged.

However, the price of petrol, which is currently being sold at Rs279.75 per litre, is expected to go up to Rs290 per litre due to the potential increase.

Sources said that the global market has seen an increase of $4 per barrel in oil prices, while import premiums went up from $12.15 to $13.5 per barrel, which can increase the price by Rs10-11 per litre.

In the global market, petrol prices went up by $4 per barrel to $94.5, while HSD has reached $98.4 per barrel after a decline of 60 cents per litre.

Petrol and power prices are considered to be key drivers of high inflation, and the increase in petrol prices could directly affect the budget of the middle and low-income classes in Pakistan.