As of December 1, Pakistan's citizens may face another increase in petrol prices, further straining the already inflation-hit population. The Prime Minister Shehbaz Sharif-led government is set to announce the new rates for petroleum products on November 30, with sources indicating that petrol prices could rise by Rs3.15 per litre. High-speed diesel (HSD) is also expected to see a price hike of Rs3.20 per litre, while kerosene oil prices could increase by Rs4 per litre.
These potential price hikes are largely attributed to fluctuations in global crude oil prices, which have led to higher import costs for Pakistan. The Ministry of Petroleum is currently preparing a working paper outlining these proposed changes, which will then be sent to the Ministry of Finance for final approval. Finance Minister Muhammad Aurangzeb, after consultations with Prime Minister Sharif, is expected to announce the new rates soon.
Currently, petrol is priced at Rs248.38 per litre, HSD costs Rs255.14 per litre, kerosene oil is at Rs161.54 per litre, and light diesel oil (LDO) is priced at Rs147.51 per litre. With the global oil market remaining volatile, this price adjustment could further escalate the cost of living, increasing transportation expenses and putting additional inflationary pressure on essential goods and services.
For many citizens already struggling with high inflation, these adjustments are seen as another hurdle in managing daily expenses. The potential rise in fuel costs highlights the challenges facing Pakistan's economy, with prices of basic commodities and transportation continuing to climb.
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