Islamabad – Petrol and diesel prices in Pakistan are expected to increase by as much as Rs6.60 per litre for the next 15 days, according to industry sources, due to the continuous upward trend in global crude oil prices.
The price hike proposal includes a Rs6.60 per litre increase in petrol and a Rs5.27 per litre rise in high-speed diesel (HSD). This change comes as part of Pakistan’s regular fuel price review mechanism, which takes into account global market trends and exchange rate fluctuations.
On the other hand, prices of kerosene and light diesel are expected to decrease by Rs3.74 and Rs2.23 per litre, respectively. This reduction is set to bring some relief to consumers, although the overall impact of rising petrol and diesel prices is still expected to affect daily commuters and businesses reliant on these fuels.
OGRA’s Review and Government Approval Pending
The Oil and Gas Regulatory Authority (OGRA) has already completed its review based on the latest global oil market data. A final summary will be submitted to the government by tomorrow for approval. According to sources, the final decision will require Prime Minister Shehbaz Sharif’s approval before it is implemented.
Once the decision is made, the new prices will be effective for the next fortnight (15 days).
Global Oil Price Surge and Local Impact
The price adjustments are a direct response to the global rise in crude oil prices, which has been impacting countries worldwide. In Pakistan’s case, which imports approximately 85% of its petroleum needs, these fluctuations lead to higher costs at the pump.
In early July, Pakistan saw a significant increase in fuel prices. Petrol rose by Rs8.36, reaching Rs266.79 per litre, and diesel surged by Rs10.39, reaching Rs272.98 per litre. These hikes were attributed to ongoing global market volatility, partly due to tensions in the Middle East, including the Iran-Israel conflict.
Looking Ahead: What to Expect Next?
While the price hike will surely strain household and business budgets, it remains uncertain how long the current trend will last. With global oil prices showing little signs of stability, further adjustments in fuel prices are likely in the coming months.
As Pakistan continues to be impacted by global market shifts, citizens and industries can only brace for further economic pressures due to rising fuel costs.
For more updates on this developing story, stay tuned.
