Petrol price may cross Rs 150 mark for first time in Pakistan: Report

For the first time in the history of Pakistan, petrol price is expected to cross Rs 150 per litre amid the ongoing financial crisis in the country, state media reported citing sources.

The News International reported citing the well-placed sources that in the international market, the prices of petrol and diesel have been increased by Rs 6 and Rs 5 per litre respectively since February 1.

The publication also said that if the government decides to pass on the burden of rising oil prices in the international market on the consumers, then the prices of petrol and diesel could shoot up by Rs 13 and Rs 18 per litre from February 16.

Currently, petrol is being sold in the county at Rs 147.83 per litre, high-speed diesel (HSD) at Rs 144.62 and light diesel oil (LDO) at Rs 114.54 per litre in the country, according to The News International.

Earlier, the country's Finance Minister Shaukat Tarin hinted at the surge in petroleum prices, stating that the Imran Khan-led government in Pakistan cannot keep fuel rates artificially low.

"If the international market witnesses a hike in prices, the government will have to shift the burden onto the people," he added, according to The News International.

According to the publication, Tarin hesitated to back the government's decision to maintain unchanged petroleum prices for the first 15 days of February, saying that though this decision is popular, it is not going to sustain for a longer period.

Shedding light on the next fiscal year's budget, the Minister said that it is a challenge for the government. He was of the view that the government would be under pressure at the time of presenting the next budget due to upcoming general elections, The News International reported.

On January 15, the Pakistan government had announced a Pakistani Rs 3.01 increase in the price of petrol owing to the rising petroleum prices in the international market.According to a notification by the Finance Division, besides petrol, an increase in other petroleum products was also enforced from January 16, Geo News reported.

This comes amid the massive rising inflation in the country.

Meanwhile, the opposition coalition in Pakistan will organize an "anti-inflation" long march to Islamabad on March 23 on the occasion of Pakistan Day.

The Pakistan Democratic Movement (PDM) already gave a call for taking out a long march to Islamabad protesting the soaring inflation on March 23, however, Interior Minister Sheikh Rashid Ahmed urged opposition to either prepone or defer the long march by four days and not hold the rally on Pakistan day.

( With inputs from ANI )

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