Petrol Prices Likely to Increase by Rs 5 per litre in May – Research Snipers

Petrol Prices Likely to Increase by Rs 5 per litre in May

Chances are that oil, petrol prices in Pakistan will increase by Rs 5 per liter for May 2018. Due to the increase in oil prices globally, this increase is expected.

Oil and Gas Regulatory Authority(OGRA) will most likely increase fuel prices for May 2018 by Rs 5 per liter. The rise in prices is for two reasons. One is due to the rupee depreciation against the dollar in the local market. Furthermore, the increase in crude oil prices globally will affect the fuel prices in Pakistan as well.

It has been reported that the oil prices in the international market have reached its highest. This increase is due to the depleting oil resources in the USA.

Though chances are that oil prices will be increased but the final decision will be by OGRA and Ministry of Petroleum.

If the government increases fuel prices in the month of Ramadan it will be nothing short of torture for Pakistani public.

For April 2018, for the first time in 2018, the government decreased the petrol and diesel prices by Rs 2.07 and Rs 2.00 per litre respectively. The prices were reduced for the month of April 2018. The prices of kerosene oil and LDO were not changed though.

Now after reducing the prices for April, and giving a certain level of relief to the people, the government is again expected to increase petrol prices for May 2018.

 It is pertinent to mention here that a sharp increase was witnessed in the price of US dollar, as it closed on Rs 117 couple of days back. As per the current dealers, this sharp decline in the value of rupee is concerning. Malik Bostan, President Forex Association of Pakistan said, “The demand for the dollar is high as undeclared money is being
invested in the US currency.”
Read more: Record increase in US dollar price reaches Rs 117
This, in turn, is affecting the fuel prices in Pakistan along with other industries. In short, the public is suffering.