The federal government announced a New Year increase in petroleum prices on Tuesday, adding to the challenges faced by consumers already grappling with inflation.
According to a notification from the Ministry of Finance, petrol prices have gone up by 56 paisas per litre, while high-speed diesel (HSD) has seen a rise of Rs2.96 per litre. These new rates will apply from January 1, 2025, until January 15, 2025.
Also Read: Up-to-Date Pakistan Petrol Prices: What to Expect After Dec 16
With the adjustment, petrol now costs Rs252.66 per litre, and HSD is priced at Rs258.34 per litre. The decision dashed public hopes for a price cut during the fortnightly review.
Global oil markets presented mixed signals on Tuesday. Brent crude futures closed at $73.92 per barrel, marking a 4% drop since the end of 2023. Meanwhile, US West Texas Intermediate (WTI) crude slipped to $70.95 per barrel, reflecting a 1% decline compared to the same period last year.
Earlier reports had suggested a potential Rs3.62 per litre increase for HSD and an 11 paisa per litre hike for petrol.
Also Read: Pakistan Announces Petrol, Diesel and LPG Price Hikes Amid Rising Inflation
Energy experts pointed to several reasons behind the price hike. These include an $8.69 per barrel premium on imported oil, changes in the petroleum levy, general sales tax adjustments, and fluctuations in exchange rates.
In the last review, the government had kept petrol prices steady and reduced the cost of HSD by Rs3.05 per litre.
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