The petrol price in Pakistan is anticipated to rise in the second-last fortnightly review of 2024, scheduled for November 30. According to sources, the new petrol price from December 1 is expected to be Rs251.53 per litre, reflecting an increase of Rs3.15 per litre.
In the previous review on November 15, the petrol price remained unchanged at Rs248.38 per litre. However, this upcoming increase highlights a shift in the fuel pricing trend as the year approaches its end.
Similarly, the price of high-speed diesel (HSD) is also projected to increase. If the proposed hike of Rs4 per litre is approved, HSD prices will rise from Rs255.14 to Rs259.14 per litre.
Approval Process and Implementation
The final decision regarding the price adjustments will be confirmed on November 30, after Prime Minister Shehbaz Sharif approves the summary submitted by the Oil and Gas Regulatory Authority (OGRA). Once approved, the new prices will be effective from December 1, 2024, across Pakistan, including major cities like Lahore, Karachi, Islamabad, Rawalpindi, Quetta, and Peshawar.
Impact on Citizens and the Economy
The fluctuations in petrol prices directly influence citizens’ daily lives, especially in terms of commuting expenses. Additionally, changes in fuel prices tend to ripple through the economy, impacting transportation costs, goods pricing, and overall inflation.
Although no updates have been provided regarding the prices of kerosene and light diesel oil (LDO), any increase in petrol and HSD prices often leads to a corresponding rise in other petroleum products.
Bi-Monthly Pricing Mechanism
In Pakistan, the prices of petroleum products are revised twice a month, following a bi-monthly review schedule. This mechanism ensures regular adjustments in line with global oil market trends and domestic economic considerations.
As the nation waits for the official announcement, the potential price increase reflects ongoing challenges in balancing fiscal needs with economic stability. Citizens are bracing for the potential impact on household budgets and business operations.
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