Fuel Prices in Pakistan Set to Rise Due to Higher Global Oil Costs :The price of petrol and High-Speed Diesel (HSD) in Pakistan is expected to increase on November 15, 2024, as global oil prices and import costs rise. The government is anticipated to raise the price of petrol by Rs. 4 per liter and diesel by Rs. 5 per liter.
Key Factors Behind the Price Increase
Global factors are driving this price hike, with petrol (MS) costs increasing by $1.7 per barrel and diesel rising by $4.4 per barrel. Despite a stable Pakistani rupee at 277 PKR per USD, these international price increases are likely to impact local fuel costs.
Projected Fuel Prices
Based on these trends:
- HSD is expected to reach Rs. 260-261 per liter
- Petrol is expected to rise to Rs. 252-253 per liter
Table: Recent Fuel Price Changes in Pakistan
| Date | Fuel Type | Previous Price (PKR) | Expected Increase (PKR) | Projected New Price (PKR) |
|---|---|---|---|---|
| November 1, 2024 | Petrol (MS) | 248.38 | 4 | 252-253 |
| November 1, 2024 | Diesel (HSD) | 255.14 | 5 | 260-261 |
Previous Price Increases
Earlier, the government raised petrol prices by Rs. 1.35 per liter and diesel by Rs. 3.85 per liter on November 1, reflecting rising global costs.
With fuel costs expected to continue climbing, this increase underscores the impact of international oil trends on local markets and daily expenses for Pakistani consumers.