Business

Will petrol prices rise in Pakistan?

Federal government will announce new prices on November 15

By Ali Imran Syed
November 13, 2024
An employee waits for customers at a fuel station in Karachi on August 16, 2023. — AFP
An employee waits for customers at a fuel station in Karachi on August 16, 2023. — AFP

KARACHI: Oil marketing company sources informed Geo News on Wednesday that prices of petroleum products may rise by Rs5.50 per litre.

The federal government will announce the new prices on November 15, two days from now, and the fresh rates will come into effect the very next day.

The sources told Geo News that the price of petrol could increase by Rs2.58 per litre, high-speed diesel by Rs5.50 per litre, and kerosene oil by Rs2.58 as well.

ProductOld priceExpected new priceExpected change
Petrol 248.38250.96+2.58
Diesel 255.14260.64+5.50
Kerosene oil 161.54164.12+2.58

Petrol is primarily used in private transportation, small vehicles, rickshaws, and two-wheelers, and if the rates rise, it adds a significant burden on middle and lower-middle-class budgets.

On the other hand, the majority of the transport sector relies on HSD. This fuel powers heavy transport vehicles, agricultural machinery, and other key transport, directly influencing the prices of essential goods like vegetables and food items.

In the previous fortnightly review, the federal government increased the price of petrol by Rs1.35 per litre and diesel by Rs3.85 per litre against the market expectations.