Islamabad: (RightNow) Diesel prices in Pakistan may increase by Rs 40 and petrol by Rs 10 per liter next week. The government is considering reducing the petroleum levy to prevent further price hikes.

Recent tensions between Iran and the United States have led to a rise in global oil prices. As a result, high-speed diesel prices in the country are expected to increase by Rs 40 per liter and petrol by Rs 10 per liter starting July 18.

The Prime Minister has directed action against those creating artificial shortages. Finance Advisor Khurram Shehzad emphasized the need to review the benefits of the daily price determination system.

The government’s policy aims to reduce its role in price setting, allowing the market to operate on its principles. This will enable the private sector to play a more active role.

It is noteworthy that a recent meeting reviewed the availability of petroleum products nationwide. The NCMC has issued directives for effective measures against hoarding to improve the supply situation.