Petrol and Diesel Prices Increased In Pakistan Effective 1st November 2024

The federal government has announced a revision in fuel prices, bringing an increase in the cost of petrol and high-speed diesel, while providing a slight relief in kerosene and light diesel oil prices. These changes, effective immediately, are anticipated to have significant impacts on households and industries across the country.

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Revised Fuel Prices:

• Petrol: Increased by Rs 1.35 per liter, now priced at Rs 248.38 per liter.

• High-Speed Diesel: Increased by Rs 3.85 per liter, with a new rate of Rs 255.14 per liter.

Reduced Fuel Prices:

• Kerosene: Reduced by Rs 1.48 per liter, now available at Rs 161.54 per liter.

• Light Diesel Oil: Reduced by Rs 2.61 per liter, bringing the price down to Rs 147.51 per liter.

Impacts on Daily Life and Economy

The rise in petrol and diesel prices is expected to impact middle and lower-middle-income households directly, as the increased costs will likely affect public transportation and other services. Diesel’s critical role in transporting essential goods means that rising fuel costs may drive up food prices, affecting overall living expenses for families across the nation.

Although the price cuts on kerosene and light diesel oil bring some relief, the extent of their impact may be limited. Kerosene, used in rural areas for cooking and heating, could provide minor respite to households reliant on it. Similarly, the reduction in light diesel oil prices will benefit certain small-scale industries, though the broader impact of higher fuel prices will still weigh on the economy.

Government’s Standpoint

The government’s decision aligns with global oil market trends and is a measure aimed at adjusting domestic prices to ensure the financial sustainability of the national fuel supply chain. However, economic analysts warn that consistent price hikes may burden an already struggling economy, urging the government to explore alternative relief measures for citizens.

With the new prices in place, citizens and businesses alike are likely to experience a shift in transportation and commodity costs. While the reductions in kerosene and light diesel oil may ease certain expenses, the overall rise in fuel prices will add pressure on household budgets and the economy.

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Afsheen Gohar

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