Petroleum prices in Pakistan are expected to increase significantly in the upcoming fortnightly review due to rising global crude oil prices.
According to reports, the price of high-speed diesel may increase by around Rs40 per litre from July 18, while petrol is expected to become nearly Rs10 per litre more expensive.
The anticipated increase is linked to higher international oil prices following the latest tensions between Iran and the United States.
Reports also suggest that the government may consider reducing the petroleum levy to soften the impact of the expected price hike, although no official decision has been announced.
Meanwhile, the government has directed authorities to take strict action against the hoarding of petroleum products.
The National Committee on Monitoring and Coordination has taken notice of alleged hoarding by certain market players and instructed the Oil and Gas Regulatory Authority (OGRA) to initiate the necessary action.
