The federal government of Pakistan is likely to revise fuel prices upward from December 16, 2024, amid rising global crude oil rates. The new prices will be announced after the second fortnightly review on December 15 and will remain effective until December 31.
Global Oil Prices on the Rise
In recent days, the international oil market has witnessed a significant surge in crude oil prices. Reports indicate that American crude oil has risen by 63 cents, now trading at $68.05 per barrel, while British Brent has seen a 73-cent increase, reaching $71.85 per barrel.
These developments in the global oil market are expected to impact local petroleum prices in Pakistan, with the government likely to adjust rates accordingly.
Previous Price Revision in Early December
The government previously revised fuel prices on November 30 for the first half of December 2024. The petrol price was increased by Rs 3.72, bringing it to Rs 252.10 per liter, while High-Speed Diesel (HSD) saw a hike of Rs 3.29, reaching Rs 258.43 per liter.
OGRA Summary Awaited
The Oil and Gas Regulatory Authority (OGRA) has not yet submitted its summary to the Finance Division, but early reports suggest a recommendation for an increase in petroleum prices for the latter half of December.
Expected Increase in Fuel Prices
Market analysts predict that petrol prices will likely see another increase due to the consistent rise in international crude oil rates. However, the exact changes will become clear once the government issues the official notification on December 15.
Impact on Consumers
Any potential hike in petrol and diesel prices will directly impact transportation and production costs, leading to inflationary pressures on the economy. Consumers are advised to plan their fuel requirements accordingly as new rates take effect.
Stay tuned for updates on the official announcement of revised fuel prices for the second half of December 2024.
