Fuel prices in Pakistan are expected to go up again as the cost of petrol and diesel may increase by Rs. 3-5 per liter for the second half of January 2025. This likely hike is due to the rising global crude oil prices, which have hit their highest levels in three months.
Brent crude oil futures have climbed by 0.35%, reaching $77.32 per barrel. This increase marks the third week in a row of rising crude oil prices, driven by concerns over supply shortages and higher energy demand during the winter season. Experts believe the fears of disruptions in supply are outweighing the uncertainties in the global economy, leading to this price surge.
The Oil and Gas Regulatory Authority (OGRA) has already prepared a proposal for the revised fuel prices. The final decision will be made by Prime Minister Shehbaz Sharif and the Finance Division. Once approved, the new rates will be effective from January 16, 2025.
At the beginning of January, the government had already adjusted fuel prices. Petrol saw a slight increase of Rs. 0.56 per liter, bringing the cost to Rs. 252.66 per liter. Similarly, high-speed diesel prices rose by Rs. 2.96 per liter, setting the price at Rs. 258.34 per liter.
This potential increase in fuel prices could further impact the cost of living, as transportation and goods become more expensive. With energy demand growing during winter, citizens may need to prepare for higher fuel expenses in the coming weeks.
As global oil prices continue to fluctuate, monitoring these trends remains crucial for both the government and consumers.
