The federal government is likely to announce an increase in petrol prices in Pakistan this week. Amid rising global oil prices, the rates for MS Petrol are expected to go up by Rs. 3 per liter, while High-Speed Diesel (HSD) prices may increase by Rs. 2.9 per liter starting December 1, 2024. This adjustment comes despite the Pakistani rupee maintaining stability at 277-278 during the review period.
Following this hike, the price of HSD in Pakistan is projected to rise to Rs. 258-259 per liter, and petrol rates may touch Rs. 251-252 per liter.
In contrast, the government is expected to keep the prices of kerosene and light diesel oil unchanged. The Oil and Gas Regulatory Authority (OGRA) will submit its recommendations on November 30, 2024. Afterward, the Ministry of Finance, in consultation with the Prime Minister, will finalize the new rates.
A formal notification confirming the revised prices will be issued following the Prime Minister’s approval. Notably, in the previous fortnight, petrol and diesel prices were kept unchanged, reflecting the government’s efforts to balance inflationary pressures and market dynamics.
This anticipated hike in fuel prices is likely to impact transportation costs and the overall economy, further emphasizing the importance of global oil price trends and local currency stability in shaping domestic policies.
