Citizens of Pakistan, already grappling with inflation, may face another financial burden as the government considers increasing petrol and diesel prices from January 16, 2025.
The expected price hike comes in response to a surge in global crude oil prices, with an anticipated increase of Rs 3 to 5 per litre for both petrol and diesel. The international oil market has witnessed a steady rise, with Brent crude futures reaching $77.32 per barrel, marking a three-month high and the third consecutive weekly increase.
Reasons Behind the Expected Price Hike
The ongoing price surge in the global oil market primarily attributed to:
- Fears of supply disruptions during winter.
- Increasing global energy demand.
- Supply concerns outweighing broader economic factors.
These factors are putting significant pressure on the government to align local fuel prices with international trends, further straining public finances and the economy.
Proposal by OGRA
The Oil and Gas Regulatory Authority (OGRA) has submitted its recommendations for revised petroleum prices to the Prime Minister and the Finance Division. Once approved, the new rates will come into effect on January 16, 2025.
Current Petrol and Diesel Prices in Pakistan
This development follows the government’s adjustments earlier this month. As of January 1, 2025:
- Petrol priced at Rs 252.66 per litre (an increase of Rs 0.56).
- High-Speed Diesel priced at Rs 258.34 per litre (an increase of Rs 2.96).
Impact on Inflation and Citizens
The anticipated increase expected to compound the financial difficulties faced by citizens, as rising fuel costs directly impact transportation, goods delivery, and essential commodities.
The government’s decision on petroleum prices will closely watched as citizens brace for the possible changes. The surge in global oil prices and its impact on Pakistan’s economy underline the challenges of balancing international trends with local financial stability.
Stay tuned for updates as the government finalizes its decision on January 16, 2025.
