In the run-up to the upcoming general elections slated for February 8, Pakistan is gearing up for a potential upswing in petrol and diesel prices.
Insiders familiar with the matter reveal that the caretaker government, under the leadership of Prime Minister Anwaarul Haq Kakar, is contemplating a significant increase of Rs 7 per litre. This comes on the heels of a series of consecutive reductions in petroleum prices, making it a noteworthy development.
If the decision comes to fruition, it will signify the first upward adjustment in petrol and diesel prices since November 1, 2023. Experts closely monitoring the fluctuations in petroleum markets assert that this time around, the circumstances leading to the potential hike are unique, with recent geopolitical events playing a pivotal role.
The attacks on ships in the Red Sea by Houthi rebels in the Middle East have triggered a discernible surge in global oil prices. Analysts suggest that these geopolitical tensions are contributing to the anticipated increase in fuel costs in Pakistan, impacting both consumers and the economy at large.
As the nation approaches the crucial election date, the impending rise in fuel prices adds a layer of complexity to the economic landscape. The outcome of these deliberations and the subsequent impact on the populace remain subjects of keen observation as Pakistan navigates through this dynamic phase.
