Pakistanis may face another increase in fuel prices starting January 16, as global oil markets continue to show upward trends. Reports suggest that the cost of petrol and diesel could see a hike of up to Rs3 per litre due to rising international crude oil prices.
This surge in prices comes as crude oil recently hit its highest level in nearly three weeks. Market analysts attribute the rise to concerns over global supply disruptions and increasing energy demand. Brent crude futures have climbed to $77.32 per barrel, reflecting a consistent upward trend over the past three weeks.
The final decision on the new rates will be made by the Finance Division, pending approval from Prime Minister Shehbaz Sharif and the Finance Minister. Despite a relatively stable exchange rate in recent weeks, adjustments in fuel prices are inevitable due to fluctuations in global markets.
In December 2024, petrol prices were raised by Rs0.56, bringing the rate to Rs252.66 per litre, while high-speed diesel increased by Rs2.96 to Rs258.34 per litre. With the new adjustment, further strain on household budgets and transportation costs is anticipated.
This potential price hike highlights the challenges posed by volatile energy markets. As Pakistan relies heavily on imported fuel, any changes in international prices are directly felt by consumers. The upcoming announcement will determine the impact on daily life and the broader economy.
Fuel price updates will be announced officially in the coming days, shaping the outlook for the next two weeks.
