Brace yourselves for another blow to the wallet, as petrol and diesel prices in Pakistan are expected to shoot up significantly starting July 1.

Sources within the Petroleum Division have revealed that a sharp increase of up to Rs15 per liter in fuel prices is likely, leaving already burdened citizens facing yet another financial challenge.

According to insider reports, petroleum product prices are being revised upward for the next 15 days. Petrol is expected to become costlier by Rs11 per liter, while high-speed diesel (HSD) may see an increase of Rs15 per liter.

The Oil and Gas Regulatory Authority (OGRA) is finalizing a working paper that will be submitted to the Ministry of Petroleum later today. Following OGRA’s recommendation, the final decision will rest with the Prime Minister, who will approve the prices in consultation with the Finance Minister. The new rates are likely to be announced tonight and will take effect from midnight.

Several key factors are driving this potential hike in petroleum product prices. These include a recent rise in international crude oil prices and the depreciation of the Pakistani rupee, which has lost 81 paisas against the US dollar in recent days. Additionally, the government plans to impose a carbon levy of Rs2.50 per liter on petrol, diesel, and furnace oil, further fueling the upward trend.

This move comes at a time when inflation is already pinching household budgets, and a price hike in fuel typically triggers a ripple effect across all sectors, from transport to essential commodities.

If implemented, this will be the second consecutive increase in petroleum rates, signaling a tough start to the new fiscal year for the common man.