In another expected jolt for inflation-hit masses, the Prime Minister Shehbaz Sharif-led government likely to jack up petrol and deisel prices from January 16.

The surge in crude oil prices has sparked concerns about further hikes in the prices of petroleum products within the country.

According to reports, with a projected rise of Rs 3 to 5 per litre, as global crude oil prices continue their upward trajectory.

Crude oil prices have reached a three-month high, with Brent crude futures rising by 0.35% to $77.32 per barrel, marking the third consecutive weekly increase.

This price movement follows fears of supply disruptions during the winter and growing energy demand. Experts believe that the rise in global oil prices is primarily attributed to concerns over potential supply disruptions, rather than general economic uncertainty.

The Oil and Gas Regulatory Authority (OGRA) has proposed revised petroleum product prices, which are expected to be finalized by Prime Minister Shehbaz Sharif and the Finance Division. Upon approval, the new rates are set to take effect on January 16, 2025.

Current petrol and diesel prices in Pakistan

This increase comes shortly after the government’s price adjustment earlier this month. On January 1, the government raised the price of petrol by Rs 0.56, bringing it to Rs 252.66 per litre.

Additionally, high-speed diesel prices saw a hike of Rs 2.96, bringing the new rate to Rs 258.34 per liter.

The global oil price surge is a significant factor driving the expected rise in local fuel prices, with the government now facing mounting pressure to adjust rates in line with global market trends.