Petrol prices expected to rise in Pakistan from June 16

People in Pakistan may soon face a big increase in petrol and diesel prices starting June 16. This expected hike comes after global crude oil prices went up sharply due to Israeli attacks on Iran.

On Friday, oil prices in the international market jumped by more than $4 a barrel. Brent crude reached its highest level in almost five months, going up to $78.50 during the day before settling at $73.96. Similarly, U.S. West Texas Intermediate (WTI) rose to $77.62 before closing at $73.03 per barrel.

Due to this global rise, petrol and diesel prices in Pakistan could go up by more than Rs. 10 per liter from June 16.

More Increase Likely from July 1

Another price increase is expected from July 1, as the government plans to add a Rs. 2.5 per liter carbon levy and other taxes on petroleum products in the new budget for the upcoming financial year.

No Relief Despite Past Price Drops

It’s important to note that even though global oil prices went down over the past few months, the Pakistani government did not reduce fuel prices for the public during that period.

People are now concerned about how this fresh increase will affect daily expenses, transport costs, and overall inflation.

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