Petrol prices in Pakistan are expected to rise again, following the recent price cuts. According to official sources, a new hike in fuel prices is anticipated from October 16, 2024, due to increasing global market rates.
Expected Petrol and Diesel Price Hike
The price of petrol may increase by approximately Rs5.50 per litre, while high-speed diesel (HSD) could see a larger hike of about Rs13 per litre. These revised fuel prices are expected to remain in effect until the end of October. This comes after a price reduction earlier this month, when the government lowered petrol prices by Rs2.07 per litre, bringing it down to Rs247.03 per litre on October 1, 2024.
Global Market Impact on Prices
The main reason behind the anticipated price increase is the rise in global oil prices. As of now, the international price of petrol has climbed to around $79 per barrel, up from $76 per barrel earlier. Similarly, the price of HSD has surged from $80.5 per barrel to $87.5 per barrel.
Despite this, the import premium (additional cost) for both petrol and HSD has remained steady at $8.7 and $5 per barrel, respectively. Moreover, the exchange rate has remained stable, which has helped avoid even higher price hikes.
Previous Price Cut on October 1
On October 1, 2024, the government had announced a small reduction in petrol prices, lowering the cost by Rs2.07 per litre. This brought the price down from Rs249.10 per litre to Rs247.03 per litre, a reduction that was welcomed by the public. However, with the rising trend in international markets, this relief may be short-lived, as prices are now poised to rise again from October 16.
Stay tuned for further updates as the government finalizes the new fuel prices for the second half of October.
