KARACHI – Inflation hit Pakistanis brace for another hike in petrol and diesel rates as prices of fuel products are expected to climb up for second half of January 2025.
The expected hike is related to surge in increasing international oil prices and higher import premiums. Sources revealed that the expected increase is said to be around Rs 3-5 per liter amid uptick in global oil prices.
Currently, petrol price is hovering around Rs252.66 per litre, and with expected changes, price could touch Rs255 while diesel rate is slated to move up to Rs260 for next fortnight.
Amid these buzz, Oil and Gas Regulatory Authority (OGRA) is yet to propose new rates, which will be finalized by Prime Minister Sharif and Finance Division. After approval, the new rates will take effect on January 16, 2025.
In Global market, Brent soared to three-month high, climbing to $80.54 per barrel, marking the third consecutive weekly increase. The surge is largely attributed to concerns over potential supply disruptions during the winter season and increased energy demand.
Amid changes in international prices, authorities in Pakistan are under pressure to make changes in local fuel prices, putting financial strain on consumers.
Petrol Prices in Pakistan ‘set to increase’ as IMF pushes for new taxes
