The federal government is expected to increase petrol prices starting December 16. Rising global oil prices have pushed Pakistan to consider the hike. The revised rates will be announced on December 15 after the second fortnightly review. These new prices will remain effective until December 31.
Global Oil Market Impact
International crude oil prices have surged in recent days. US crude oil prices increased by 63 cents, reaching $68.05 per barrel. Similarly, British Brent crude rose by 73 cents, now trading at $71.85 per barrel.
This global price surge is directly impacting petroleum costs in Pakistan. Experts predict a Rs. 2.50 per liter increase for petrol and diesel.
Previous Price Hikes in December
Earlier, on November 30, the government raised fuel prices for the first half of December. Petrol prices increased by Rs. 3.72 per liter, while high-speed diesel saw a Rs. 3.29 per liter hike. Currently, petrol costs Rs. 252.10 per liter, and diesel costs Rs. 258.43 per liter. These rates are valid until December 15.
OGRA to Submit New Price Summary
The Oil and Gas Regulatory Authority (OGRA) has not yet sent its summary to the Finance Division. However, reports suggest OGRA will recommend another price hike for the next fortnight.
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Economic Pressure on Citizens
The expected increase in fuel prices is likely to add to the economic burden on citizens. Many households and businesses are already struggling with inflation and rising living costs. Transporters, in particular, are bracing for higher operational expenses.
Government’s Final Decision Awaited
While the increase seems imminent, the government’s final decision will depend on the official notification. The Finance Division will review OGRA’s recommendations before announcing the revised rates.
Impact on National Economy
Experts believe that continued fuel price hikes will further strain Pakistan’s economy. Higher fuel costs could lead to increased transportation charges and a ripple effect on the prices of essential goods.
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