Islamabad: The prices of petroleum products in Pakistan are set to increase by up to Rs6.20 per litre for the upcoming fortnight, beginning January 16, due to a rise in international crude oil prices.
Market sources suggest that the ex-depot price of petrol will increase by Rs3.53 per litre. Kerosene oil and light diesel oil are expected to see a rise of Rs4.98 and Rs6.20 per litre, respectively. High-speed diesel prices are also anticipated to go up by Rs2.29 per litre.
Impact of International Crude Oil Prices
Since January 1, Brent crude oil prices have risen by $1-2 per barrel. Despite this, the import premium on petrol and diesel has remained unchanged, and the currency exchange rate has stayed generally stable. The rise in petroleum product prices is largely attributed to the increase in global crude oil prices.
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If the price adjustments are made, the ex-depot petrol price will rise from Rs252.66 to Rs256.19 per litre. High-speed diesel will increase from Rs258.34 to Rs262 per litre. Additionally, kerosene oil may see a jump from Rs162.95 to Rs167.93 per litre, while light diesel oil could rise from Rs149.35 to Rs155.55 per litre.
Effects on the Economy and Consumers
These price hikes will have a direct impact on the middle and lower-middle classes, as petrol is mainly used in private transport, small vehicles, rickshaws, and two-wheelers. High-speed diesel, used by heavy vehicles, tractors, tube wells, and threshers, will likely affect the prices of vegetables and other essential goods.
Earlier, on December 31, 2024, the government increased petrol and high-speed diesel prices by Rs0.56 and Rs2.96 per litre, respectively.
In addition to the rise in petroleum prices, the Oil and Gas Regulatory Authority (Ogra) announced adjustments to liquefied natural gas (LNG) prices for January, impacting different regions in Pakistan.
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