The federal government of Pakistan expected to announce changes in petrol and diesel prices during its upcoming fortnightly review for December 2024. The revised petroleum prices will disclosed on the night of November 30, 2024, and the new rates will be effective from December 1 to December 15, 2024.
Possible Petrol Price Hike for December 2024
According to recent reports, the Oil and Gas Regulatory Authority (OGRA) is likely to recommend a significant increase in petrol prices. This expected revision comes as global oil prices have surged in recent days.
- Expected Increase: Petrol prices might rise by Rs10 to Rs15 per litre for the first half of December 2024.
- Key Factors: The final decision will made by the federal government, considering factors like global market trends, revenue targets, and domestic stock availability.
Current Petrol Prices in Pakistan
As of November 2024, the petrol price in Pakistan stands at Rs248.38 per litre, while the price of high-speed diesel (HSD) is Rs255.14 per litre.
Why Are Petrol Prices Increasing?
The anticipated rise in fuel prices linked to fluctuations in global oil markets. International crude oil prices have shown an upward trend, necessitating adjustments to maintain fiscal balance and align domestic prices with international benchmarks.
Announcement Timeline
- Date of Announcement: November 30, 2024
- Effective Period: December 1 to December 15, 2024
Impact on Consumers
An increase in petrol prices may affect transportation costs, commodity prices, and the overall cost of living. Stakeholders, including businesses and consumers, advised to prepare for potential changes in fuel expenses starting next month.
Stay updated for the official announcement of new petrol prices and their impact on Pakistan’s economy.
