Hike in current petrol prices in Pakistan is expected , by the government headed by PM Shehbaz Sharif , from February 1, 2025.
The increased rate is bound to make the situation of rising inflation more tough for the masses.
A new concern about this scenario has surfaced that crude oil rates may shoot up the local petroleum products price even more.
According to reports, petrol price may be hiked by Rs3 per litre. Whereas, the high-speed diesel (HSD) may have a steeper increase of Rs6 per liter.
These price hikes will be decided in the fortnightly price review. A report will be presented by OGRA to the concerned ministry regarding the price increase.
The global oil market and fluctuations in the exchange rate would be the criteria for the said recommendations.
Government talks on Petrol prices in Pakistan
The consultations of Finance Minister Muhammad Aurangzeb and Prime Minister Shehbaz Sharif will take place before the final decision.
Official confirmation about the revised fuel prices is likely on January 31. The revised fuel price increase will be as seen in the last revision.
The government, during the previous revision, had increased petrol prices in Pakistan by Rs3.47 per litre.
As a result, petrol had gone up to Rs256.13 per litre. In a similar trend, the price of HSD was raised by Rs2.61 per liter and it was sold at Rs260.95 per liter.
Perhaps the jump in fuel prices will impact transportation costs highly, hence adding inflationary strain to necessary goods.
The living costs for many consumers are going up by the day, and another rise in fuel prices would further compound their burden.
Experts in economics think that frequent revisions on fuel prices destabilize business and home analyses.
As Pakistan continues to face economic issues, the government is increasingly being criticized.
Especially, people are criticizing it for its management of fuel price adjustments.
