World News | Petroleum Prices in Pakistan Likely to Increase by Rs 10 Per Litre

Islamabad [Pakistan], February 26 (ANI): The prices of all petroleum products in Pakistan are expected to rise by Pakistani Rs 8 to Rs 10 starting Monday, local media reported.

The increase in international oil prices, application of additional petroleum levy and currency devaluation are considered to be the main reason for the price hike, likely applicable from Monday for the next fortnight, the Dawn newspaper reported.

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The prices of petrol and high-speed diesel will likely rise by about Rs 5.60 and Rs 4.50 per litre, respectively. Similarly, the prices of kerosene and light diesel oil might increase by about Rs 4 and Rs 3.70 per litre, respectively.

Notably, the Imran Khan government, as per its commitment to International Monetary Fund (IMF), had earlier increased the petroleum levy on all petroleum products by Rs 4 per litre on February 15.

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The ex-depot prices of petrol and HSD currently stand at Rs 159.86 and Rs 147.83 per litre, according to the publication.

However, if the government continues with the practice of increasing petroleum levy by Rs 4 per litre every month, the ex-depot sale prices of petrol and HSD are estimated to go up by Rs 9.60 and Rs 8.50 per litre respectively.

Earlier, the Dawn newspaper had reported that the massive rise in inflation in Pakistan could result in demand destruction and may create difficulties for the government to meet its tax targets. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)