KARACHI – Pakistanis are used to ring in New Year with some good news regarding petrol prices in previous, but that is not the case this time as there is no respite at the petrol pumps this.
Pakistani government is set to announce new fuel rates on December 31, but insiders claimed no cut this time.
Rising fuel costs are hitting everyone, from daily commuters to ride-hailing drivers, forcing many to dig deep into their pockets. Passengers often blame drivers for higher fares, but it’s petrol prices that are driving the pain, not the drivers’ pockets.
Global oil prices are soaring. West Texas crude jumped over 3 percent last week, hitting $58.46 per barrel, while Brent crude climbed to $62.38. Analysts cite strong US economic growth and fears of supply disruptions from Venezuela and Russia as key drivers, but oversupply worries still loom.
In Pakistan’s last fortnightly review, diesel prices were cut by Rs14 per litre, but petrol remained unchanged at Rs263.45—a bitter pill for motorists hoping for relief.
With fuel costs showing no signs of dropping, Pakistanis are set to start the new year paying more to get from point A to point B, and the pressure on daily budgets is only expected to mount.
Petrol, Diesel Expected to come down by up to Rs6 Per Liter in December
