Pakistan is bracing for an increase in petrol and diesel prices starting from the second half of October 2024. This change comes in response to a recent surge in international oil prices, which have risen significantly due to ongoing unrest in the Middle East. Reports indicate that petrol prices may increase by about Rs5.5 to Rs6 per liter, while diesel prices could see a rise of Rs12 to Rs13 per liter.
Currently, the price of petrol stands at Rs247.03 per liter, and diesel is priced at Rs246.29 per liter. If the anticipated adjustments take place, the price of petrol could reach around Rs253 per liter, and diesel prices might climb to Rs260 per liter.
The recent rise in global oil prices by 7 percent, bringing it to approximately US$81 per barrel, is a major factor influencing these potential price changes. However, it’s worth noting that crude prices are still about 10 percent lower than they were a year ago.
As the government prepares to review fuel prices, the public is keenly watching the situation, hoping for favorable news. Meanwhile, the Pakistani rupee has maintained stability, fluctuating between 277 and 278 against the US dollar, while import premiums for fuel remain steady at $8.7 per barrel for petrol and $5 per barrel for diesel.
