Inflation hits people again in Pakistan, petrol may become costlier by 4 rupees and diesel by 5 rupees.

Pakistan is once again seen going into the depths of inflation. Recently, Pakistani media has claimed that the prices of petrol and high-speed diesel (HSD) are likely to increase again in a few days. Due to the increase in prices in the international market and the import premium on petrol, the prices are expected to increase by Rs 4-5 per liter.

Petrol and HSD prices in the international market have increased by about $1.7 and $4.4 per barrel respectively. Apart from this, the import premium on petrol has also increased by about $1 per barrel to $9.80 per barrel, while this premium on HSD has remained stable at the level of $5 per barrel.

Petrol and diesel prices may increase

Earlier on October 31, the government had increased the price of petrol by Rs 3.85 and high-speed diesel by Rs 1.35 per liter. Now, after this new change, the prices of petrol and HSD are likely to increase again by Rs 4 and Rs 5 per liter respectively.

Petrol prices reached $77.2 per barrel in the international market, earlier it was $75.6 per barrel. Similarly, the price of HSD increased from $88 per barrel to $83.6 per barrel. There has also been a slight change in the exchange rate of rupee, due to which the prices of imported oil may see further increase.

What will be the effect of rising prices

Petrol is mainly used in private vehicles, small vehicles, rickshaws and two-wheelers, and the increase in its price will directly affect the budget of the middle class and the poor. On the other hand, HSD is used in heavy vehicles, trains and agricultural engines like trucks, buses, tractors, tube wells and threshers, which can also increase the prices of vegetables. Understand that Pakistan can once again go into the quagmire of inflation.

Petrol and HSD are among the major revenue sources of the government. Their monthly sales are around 7 lakh to 8 lakh tonnes, while the demand for kerosene is limited to only 10,000 tonnes. The rising prices of petrol and HSD not only put pressure on the general public but can also result in inflation, which will affect everyone from farmers to the transport sector.