Petrol prices in Pakistan may face another hike before the end of August 2024, as global oil prices continue to climb steadily. For the past 13 consecutive days, international crude oil benchmarks have shown an upward trend, creating pressure on the domestic fuel market.
According to reports, Brent crude prices increased by $1.60 per barrel, moving from $65.85 to $67.47, while US crude oil rose by $1.64, reaching $63.62 per barrel compared to $61.98 earlier this month. This consistent rally has raised concerns that the Oil and Gas Regulatory Authority (OGRA) may propose another fuel price hike in its upcoming review scheduled for August 31, 2024.
Recent Petrol Price Hike in Pakistan
The last revision of petrol prices in Pakistan came on August 16, 2024, when the government increased the rate of super petrol to Rs264.61 per litre and diesel to Rs272.99 per litre. The adjustment was largely attributed to rising import costs and fluctuations in the exchange rate, both of which continue to put pressure on Pakistan’s economy.
Expected Impact on Consumers
If OGRA recommends another increase, it will further strain the budgets of households and businesses already grappling with high inflation. Rising transportation and production costs are expected to push up the prices of essential goods, creating additional challenges for the public.
Government’s Role and Market Outlook
OGRA’s summary will be forwarded to the federal government, which will make the final decision on price adjustments. Analysts believe that unless global oil markets stabilize, petrol prices in Pakistan are likely to remain under pressure in the coming weeks.
As citizens brace for the possibility of another hike, industry experts suggest that the government may need to consider policy measures, subsidies, or tax adjustments to provide relief to consumers amid global oil market volatility.
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