ISLAMABAD – The federal government is expected to jack up the petrol prices for first fortnight of February 2025 in upcoming review.
It comes as global oil prices ticked up after witnessing a significant decline in recent days following the inauguration of US President Donald Trump.
Reports said petrol prices is likely to be increased by Rs3 per litre and high-speed-diesel by Rs6 per litre for first half of February 1 as the new rates will be announced on Jan 31 night.
The Oil and Gas Regulatory Authority (OGRA) will send a summary to the ministry, recommending change in the petroleum prices.
The new prices will be announced after consultation with Prime Minister Shehbaz Sharif.
Earlier, the government increased the petrol price by Rs3.47 per litre, fixing the new price at Rs256.13 per litre.
The price of high-speed diesel had been hiked by Rs2.61 per litre, with new price settling at Rs260.95 per litre.
Meanwhile, Pakistan’s economy has continued its upward trend in the first half of fiscal year 2024-25, building on the stabilization achieved in FY2024, with GDP expanded by 2.5 percent after the previous year’s contraction.
The positive momentum was fueled by sound macroeconomic management, effective inflation control measures, and enhanced fiscal and external accounts stability. Inflation substantially declined to 7.2 percent in H1-FY2025 from 28.8 percent a year earlier, supported by easing global prices, a stable exchange rate, and targeted government policies, finance ministry said in a report released on Monday.
