Amid ongoing inflationary pressures, the country may face a fresh challenge as petroleum prices are expected to rise at the start of the new year. Sources within the Petroleum Division revealed on Saturday that diesel prices could see a significant increase of over Rs4 per litre. However, petrol prices are expected to remain unchanged, offering slight relief to consumers.
In addition to diesel, the price of kerosene oil might also rise, with a proposed increase of Rs1 per litre. These adjustments, if approved, are likely to affect various sectors, including transportation and domestic consumption.
The final decision on the potential price changes will be made public on December 31. The announcement will follow consultations between the finance minister and Prime Minister Shehbaz Sharif, with the prime minister’s approval being the determining factor.
Current Petroleum Prices
The government had announced the most recent petroleum price adjustments on December 15. Petrol prices were kept steady at Rs252.10 per litre, offering some consistency amid volatile market conditions.
Meanwhile, high-speed diesel prices were reduced by Rs3.05 per litre, bringing the price down to Rs255.38 per litre. Similarly, kerosene oil saw a price cut of Rs3.32 per litre, now priced at Rs161.66 per litre. Light diesel oil also experienced a decrease of Rs2.78 per litre, with its price set at Rs148.95 per litre.
The potential increase in diesel and kerosene prices could reverse some of these reductions, adding to the financial strain on households and businesses alike. Diesel, in particular, plays a crucial role in agriculture and transportation, and any price hike may lead to a ripple effect across other commodities and services.
As the nation awaits the December 31 announcement, the possibility of a petroleum price hike underscores the economic challenges faced by the government in balancing fiscal responsibilities and public welfare.
