Major Hike In Petroleum Prices Expected From July 1
In yet another blow to inflation-weary citizens, a significant increase in petroleum product prices is expected from July 1.
According to sources, petrol prices are likely to go up by Rs 11 per liter, while diesel may see an increase of Rs 15 per liter for the next 15 days.
The Oil and Gas Regulatory Authority (OGRA) is expected to submit its pricing summary to the Ministry of Petroleum today. Following this, the new rates will be officially announced tonight, sources added.
The Finance Minister, in consultation with the Prime Minister, will make the final decision regarding the price adjustments.
This anticipated hike is attributed to the rise in global crude oil prices and the devaluation of the Pakistani rupee against the US dollar.
