The federal government of Pakistan is anticipated to announce a significant hike in petroleum prices from December 1, 2024, due to rising global oil prices. Sources indicate that petrol prices may increase by Rs3.15 per litre, setting the new rate at Rs251.53 per litre.
High-speed diesel is also expected to see a surge of Rs3.20 per litre, potentially reaching Rs258.34 per litre. Kerosene oil, widely used in rural areas, might face a Rs4 per litre increase. These adjustments are reportedly part of efforts to align domestic rates with international market trends.
The final decision will be made by Prime Minister Shehbaz Sharif on November 30, with the revised prices remaining effective until December 15. This comes after a period of price stability observed in the latter half of November 2024.
The potential price hike reflects ongoing economic challenges and the government’s struggle to balance revenue generation with public affordability, sparking concerns about the impact on inflation and household budgets.
