The potential increase in petrol and diesel prices from February 1 would signify the first upward adjustment since November 1, 2023.
According to reports, the caretaker government led by Prime Minister Anwaarul Haq Kakar is reportedly contemplating a significant rise of Rs 7 per litre in petrol and diesel prices. If the decision materializes, it would mark the first increase in fuel prices since November 1, 2023.
Experts closely monitoring the petroleum markets suggest that this specific situation is exceptional, as the potential price hike is believed to be influenced by recent geopolitical events. Notably, the attacks on ships in the Red Sea by Houthi rebels in the Middle East have resulted in a noticeable surge in global oil prices.
As of January 15, the government had reduced petrol prices by Rs 8 per litre and maintained high-speed diesel prices for the subsequent two weeks. The finance ministry has confirmed that the revised petroleum prices were approved by the caretaker prime minister, indicating the government’s commitment to easing the financial burdens on the public, particularly during this sensitive interim period.
It has been reported that the latest price adjustment for petrol in Pakistan stands at Rs259.34 per litre, while high-speed diesel (HSD) is now priced at Rs276.21 per litre, according to an official government announcement.
Despite the global surge in oil prices, experts predict that the impact on petrol and diesel prices in Pakistan will likely be relatively moderate. This is primarily due to the stability of the Pakistani rupee against the US dollar, which acts as a mitigating factor. Analysts suggest that without this stabilizing influence, the rise in prices for petroleum products could have been more pronounced.
