Fuel Prices Surge in Pakistan Despite Fall in Global Oil Prices
ES Mag:
Islamabad: Pakistan has experienced a steep increase in petrol and diesel prices over the past 10 days, even as international crude oil prices have declined, prompting concerns over the government’s newly introduced daily petroleum pricing mechanism.
Under the revised pricing system, the cost of high-speed diesel has climbed by more than Rs65 per litre, while petrol prices have increased by Rs26.43 per litre since the mechanism took effect.
According to official figures, the price of high-speed diesel was Rs323.30 per litre on July 17. It has since risen to Rs388.38 per litre, marking an increase of over Rs65 per litre within just 10 days.
The sharp rise in domestic fuel prices, despite lower global crude oil rates, has sparked renewed debate over the role of taxes, levies and the government’s pricing formula in determining petroleum prices in Pakistan.
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