Pakistan may witness a rise in petroleum prices as the government reviews global oil market fluctuations ahead of December 2024. Sources indicate that petrol prices could go up by Rs. 3.15 per litre, potentially reaching Rs. 251.53. High-speed diesel might also see a similar increase of Rs. 3.20, raising its cost to Rs. 258.34 per litre. Kerosene oil, another essential fuel, could be hiked by Rs 4 per litre.
The Ministry of Finance is expected to release the official announcement after consultations led by Prime Minister Shehbaz Sharif on November 30. If approved, the revised prices will take effect from December 1 and remain applicable until mid-December.
Over the past two weeks, the Oil and Gas Regulatory Authority (OGRA) has analyzed international oil price trends to determine the suggested adjustments. These fluctuations are said to be the primary factor driving the expected increase.
Notably, the government refrained from raising fuel prices during the last review for the second half of November, keeping petrol and diesel prices stable at Rs. 248.38 and Rs. 255.14 per litre, respectively. However, with mounting pressure from global oil rates, an upward revision now seems likely.
The anticipated increase in fuel costs could pose additional challenges for households and businesses already coping with inflation. Economists suggest that proactive steps, such as subsidy plans or cost-cutting measures, could help mitigate the impact on consumers if the price hike is implemented.
The decision on petroleum prices will serve as another critical indicator of how Pakistan navigates its ongoing economic hurdles.
