The government has announced an increase in the prices of petrol and other petroleum products, citing rising international oil prices as a key factor.
Effective from midnight, petrol will now cost Rs111.90 per liter, reflecting an increase of Rs2.70 from the previous rate of Rs109.20.
The new pricing structure also affects other petroleum products, with high-speed diesel seeing an increase of Rs2.88 per liter, bringing the new rate to Rs116.07 from Rs113.19. Kerosene oil, widely used in rural areas for cooking and heating, has gone up by Rs3.54, now priced at Rs80.19 per liter, compared to its previous rate of Rs76.65. Similarly, light diesel oil has seen a price hike of Rs3.00, with the new rate set at Rs79.23 per liter, up from Rs76.23.
Economic analysts suggest that the rising cost of petrol could put additional pressure on inflation, as transportation and manufacturing costs are expected to rise. The government has justified the price hike, attributing it to fluctuations in global crude oil prices. Despite the increase, Pakistan’s petrol prices remain lower than in some neighboring countries due to government subsidies and price adjustments.
This development comes at a time when consumers are already struggling with inflationary pressures. Transporters and commuters have voiced concerns over the impact of rising petrol prices on daily expenses, particularly for those relying on private vehicles and motorcycles for daily travel. Many fear that public transport fares may also increase as a result of higher petrol costs.
The Oil and Gas Regulatory Authority (OGRA) had recommended a higher increase in fuel prices, but the government opted for a moderate revision to balance consumer affordability and economic stability. Officials have indicated that further price adjustments will depend on global market trends and exchange rate fluctuations.
As petrol prices continue to rise, economic experts urge the government to explore alternative energy solutions and introduce relief measures to cushion the impact on low-income households. Meanwhile, consumers are bracing for the potential ripple effects of these increases across multiple sectors.