Pakistanis are preparing for another round of fuel price increases, potentially as high as Rs10.25 per liter for high-speed diesel (HSD), starting from October 16, 2024. The looming price hike adds to the country’s economic struggles, with inflation already affecting daily life.
The Pakistan State Oil (PSO) is set to propose new fuel prices to the Oil and Gas Regulatory Authority (OGRA) on October 15. The proposal will likely recommend an increase of Rs3.95 per liter for petrol, Rs7.85 for kerosene, and Rs8.33 for light diesel oil (LDO). These increases will push the already high fuel prices even further, burdening consumers.
Part of the price hike includes a Rs2.75 per liter increase aimed at raising the profit margins for oil companies and petrol stations. The new proposed margins are Rs9.22 and Rs10.04 per liter, respectively.
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Proposal in Review
Once OGRA reviews the proposal and the government gives its approval, the Finance Ministry will announce the final prices. If approved, petrol prices may rise to Rs250.98 per liter, with HSD reaching Rs256.54, kerosene climbing to Rs162.75, and LDO hitting Rs149.23 per liter.
The expected fuel price hike will have far-reaching effects on the economy. It is likely to increase transportation costs, putting additional pressure on businesses and consumers alike. With inflation already straining household budgets, this rise in fuel costs could make daily essentials even more expensive.
Economic Challenges
The government’s decision to raise fuel prices comes at a time when Pakistan is grappling with economic challenges, including rising debt, inflation, and a struggling currency. These fuel price hikes may further add to the public’s dissatisfaction, as many are already feeling the financial squeeze.
As Pakistanis brace for higher fuel prices, the impact on the overall cost of living is expected to be significant. Public transportation, goods, and services may all see price increases, adding more strain on consumers. Many fear that this may trigger a ripple effect across various sectors, leading to further price hikes for basic necessities.
In summary, Pakistanis are set to face another fuel price hike, adding to the country’s economic woes. With increases expected for petrol, diesel, kerosene, and LDO, the new fuel rates will likely put more pressure on consumers and businesses, making daily life more expensive in an already challenging economic environment.
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