LAHORE MIRROR — Starting from September 1, 2023, petrol price is expected to hit triple century, impacting a nation grappling with a severe economic crisis.
This predicament is regarded as one of the most substantial economic challenges the country has confronted in recent memory.
This impending surge in petroleum prices is set to exacerbate the predicament of those already grappling with inflation, compounding their difficulties. This segment of the population has taken to the streets to voice their dissent over escalated electricity charges.
Domestic media reports have asserted that the escalation in oil prices is imminent, with petrol prices expected to surge by Rs12 per liter. This alteration is slated to take effect on September 1, 2023. The underlying factors for this anticipated increase encompass a surge in global oil rates and the depreciation of the local currency, which in turn has impacted exchange rates.
Furthermore, an uptick in the price of diesel is also on the horizon, with projections indicating an augmentation of Rs14.83 per liter. This potential escalation follows in the wake of amplified global oil prices and the concurrent devaluation of the local currency.
Recent weeks have already witnessed a considerable hike in the prices of petrol and diesel. During this period, petrol prices have surged by Rs37.50, while diesel prices have climbed by Rs40 per liter.
This anticipated price hike is poised to further compound existing challenges, given that the preceding revision has already led to an inflation of approximately Rs20 per liter for both petrol and diesel.
