Pakistan is facing the possibility of another increase in the prices of petroleum products from February 1st, as global oil market trends continue to affect local prices. Reports indicate that diesel prices could see an increase of Rs. 6 per liter, while petrol prices may rise by Rs. 3 per liter.
The government has already raised the prices of petroleum products twice in January alone, highlighting the ongoing pressure from fluctuating global oil markets.
Although the global prices of crude oil had remained below $80 per barrel since October 2024, they began to climb again in December. As of the latest data, British crude oil is trading at around $81.56 per barrel, while American crude has reached $79.65 per barrel.
The impact of these rising international oil prices is now being felt in Pakistan, where the cost of imports has risen, contributing to the likely increase in domestic fuel prices. As the cost of petroleum products rises, this will further challenge consumers, many of whom are already grappling with rising living expenses.
This expected hike in prices follows a trend of higher costs for imported petroleum products, with the country experiencing a 1% increase in petroleum imports from July to December 2024.
This continuous price adjustment, influenced by the global market, is expected to have a wide-reaching impact on transportation, daily commuting costs, and the overall economy.
