Pakistan Braces for Fuel Price Hike Amid Inflation Woes

The Pakistani government is reportedly set to increase petrol and diesel prices due to rising global crude oil prices, compounding inflation concerns. Petrol prices could see an increase of Rs 3 per litre, while high-speed diesel might go up by Rs 6 per litre, according to sources.

As inflationary pressures escalate, the Pakistani government, under Prime Minister Shehbaz Sharif, is poised to raise petrol and diesel prices from February 1, 2025. A Samaa TV report indicates this move as a response to surging global crude oil prices, further stoking fears of increased petroleum product costs nationwide.

Samaa TV sources reveal that petrol prices may climb by Rs 3 per litre, whereas high-speed diesel (HSD) could witness a steeper rise of Rs 6 per litre in the forthcoming bi-weekly review. The Oil and Gas Regulatory Authority (OGRA) is anticipated to present a price adjustment proposal to the concerned ministry, aligning with international oil price trends and exchange rate volatility.

The financial decision, pending discussions between Finance Minister Muhammad Aurangzeb and Prime Minister Shehbaz Sharif, will be officially announced on January 31, 2025. Rising fuel prices have already spurred inflation, burdening citizens with higher transportation and essential goods costs, exacerbating the financial strain particularly on lower-income groups.

(With inputs from agencies.)