KARACHI – Pakistani brace for another hike in petrol and diesel rates as prices are set to climb from January 16 amid surge in global oil prices.
Reports in local media said the expected price hike is due to rising crude oil prices, which are almost 3-week high due to concerns over supply disruptions and increasing energy demand.
Besides the oil price tweaks, there have been no significant changes in the exchange rate, and in light of rate change, the petrol, and diesel prices could move up by Rs3 per litre for the next fortnight. Finance Division will announce the new prices after getting the nod from Prime Minister Shehbaz Sharif and the Finance Minister.
Lately, Brent crude futures jumped up by 0.35pc, reaching $77.32 per barrel. This marks the third consecutive weekly gain for crude oil prices, following a sharp decline to near three-year lows.
In December 2024, the federal government already jacked up prices of petrol and diesel. Petrol saw an increase of Rs0.56 to Rs252.66 per litre, while high-speed diesel saw a rise of Rs2.96, bringing its price to Rs258.34 per litre.
