ISLAMABAD: Pakistanis are preparing for another possible hike in fuel prices, with sources revealing that the government is planning to increase petrol and diesel prices by Rs3 and Rs6 per litre respectively from February 1, 2025.
The expected price hike is due to rising global crude oil prices. Sources have suggested a possible hike of Rs3 for petrol and Rs6 for high-speed diesel based on the next bi-weekly review.
The Oil and Gas Regulatory Authority (OGRA) will submit a recommendation to the relevant ministry, factoring in international oil prices and exchange rate fluctuations. The final decision on the new prices will be made after consultation between Finance Minister Muhammad Aurangzeb and Prime Minister Sharif, with an official announcement expected on January 31. The new prices will be in effect for a fortnight, starting February 1.
This follows the previous price hike on January 16, where petrol prices were increased by Rs 3.47 per liter (to Rs 256.13 per liter) and high-speed diesel by Rs 2.61 per liter (to Rs 260.95 per liter). The cumulative effect of these price hikes will further strain the already burdened Pakistani population, which is struggling with inflation.
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