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Expected petrol, diesel prices in Pakistan from December 16

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Web Desk

2 years ago

ISLAMABAD: Pakistanis are expected to suffer another setback as petrol and diesel prices are set to rise in the second half of December 2024.

According to media reports, petrol and diesel prices are set to increase by Rs2.50-2.60 per liter from Monday, December 16.

The government also decided to increase the prices of all petroleum products along with the Inland Freight Equalization Margin (IFEM) to help refineries improve their facilities. The change will be temporary, lasting until the next budget.

The following meeting of the Executive Committee of the Special Investment Facilitation Council (SIFC) chaired by the Minister for Planning and senior officials. The committee discussed measures to upgrade local refineries. The new taxes will directly impact the prices of petrol and diesel, which are priced at Rs252.10 and Rs258.43 per liter, respectively.

Petrol is said to be likely to increase to Rs 254-255 per litre, while diesel price could touch around Rs 260.

The Oil and Gas Regulatory Authority (OGRA) has been tasked with assessing the financial implications of the IFEM hike. Meanwhile, the Petroleum Division is preparing a summary to be submitted to the Economic Coordination Committee (ECC) for approval.

Petrol Price Latest Update

Last month, petrol prices were Rs 252.10 per litre and diesel prices were Rs 258.43 per litre. The changes have been made in the context of fluctuations in the global oil market and domestic economic challenges. The government aims to manage the impact of rising energy prices on the economy and consumers.