Pakistani consumers are bracing for a potential hike in fuel costs as petrol and diesel prices are expected to increase starting December 16, 2024. This comes amid global oil market fluctuations and domestic economic challenges.
Projected Petrol and Diesel Rates
According to reports, petrol prices are likely to rise by Rs. 2.50–2.60 per liter, bringing the cost to around Rs. 254–255 per liter. Diesel prices are anticipated to reach Rs. 260–261 per liter, up from the current rate of Rs. 258.43 per liter.
| Fuel Type | Current Rate (Rs.) | Expected Rate (Rs.) |
|---|---|---|
| Petrol | 252.10 | 254–255 |
| Diesel | 258.43 | 260–261 |
Reasons Behind the Price Hike
The anticipated increase stems from adjustments in the Inland Freight Equalization Margin (IFEM), a move aimed at supporting refinery upgrades across the country. The government intends for this change to be temporary, in effect until the next budget cycle.
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The decision follows discussions during a meeting of the Special Investment Facilitation Council (SIFC), chaired by senior government officials. They emphasized the importance of enhancing local refinery operations to ensure a stable energy supply.
Implications for Consumers
The Oil and Gas Regulatory Authority (OGRA) is assessing the financial impact of these changes, while the Petroleum Division prepares the final proposal for the Economic Coordination Committee’s (ECC) approval. For Pakistani citizens already struggling with high living costs, this fuel price hike could exacerbate financial pressures.
Stay tuned for the official announcement regarding the revised fuel rates on December 16.
