The federal government is preparing to adjust petrol prices in Pakistan for the latter half of October 2024, with expectations of an increase due to recent reports.
Speculation points to a potential rise in petroleum prices in Pakistan starting October 16, driven by higher global oil prices and an increase in the profits of oil marketing companies (OMCs).
On Tuesday, however, a drop in global oil prices raised hopes that the government might offer more relief to the public.
Earlier, the government had reduced the prices of petrol and diesel for the first half of October, with petrol currently priced at Rs247.30 per liter.
The cost of high-speed diesel (HSD) was cut by Rs3.40, bringing it down to Rs246.29 per liter for the first part of the month.
According to reports, petrol prices could rise by Rs4-5 per liter, and high-speed diesel may see an increase of Rs10-12 per liter.
This would bring the expected petrol price to between Rs250-252 per liter, while the price of diesel could range from Rs256-258 per liter.
The final decision on the new prices will be made by Prime Minister Shehbaz Sharif.
