Petrol and diesel prices in Pakistan are likely to increase this week due to a surge in international oil prices and higher import costs.
The government of Pakistan is anticipated to announce an increase of Rs. 4 per liter for petrol and Rs. 5 per liter for diesel on November 15, 2024.
This projected increase is attributed to recent shifts in global oil markets, where petrol prices rose by $1.7 per barrel and diesel saw a steeper hike of $4.4 per barrel.
Despite these changes, the Pakistani rupee has remained relatively stable at around 277 against the dollar, minimizing further currency-driven inflationary pressures.
With these adjustments, the price of high-speed diesel (HSD) is expected to reach approximately Rs. 260-261 per liter, while petrol prices may range between Rs. 252-253 per liter.
In the previous adjustment, the government had raised petrol prices by Rs. 1.35 per liter, setting it at Rs. 248.38, and diesel saw a Rs. 3.85 increase, bringing it to Rs. 255.14 per liter.
Experts caution that further hikes in international oil prices could lead to continued increases in fuel costs domestically, impacting transport and goods prices across Pakistan.
With winter approaching and energy demands shifting, any sustained rise in fuel prices could place additional economic pressure on consumers and businesses alike.
