Pakistan is set for a significant adjustment in fuel prices for the coming fortnight, bringing a mixed bag of relief and financial strain for consumers across the nation.
Expected Price Changes
According to sources, the most substantial change is anticipated for high-speed diesel, with a potential increase of Rs9.60 per litre. This is a considerable jump that will directly impact transportation and agriculture costs. In a contrasting move, the price of petrol is expected to decrease by Rs1.96 per litre, offering some respite to motorists. Furthermore, the costs of kerosene oil and light diesel oil are also projected to climb, with increases of Rs8.82 and Rs7.15 per litre, respectively.
The Approval Process
The initial pricing summary has been prepared by the relevant authorities, reflecting the current trends in the global oil market. The official process will see the Oil and Gas Regulatory Authority (OGRA) forward its working paper to the Petroleum Division on November 15. Following a joint review by the Petroleum Division and the Ministry of Finance, a summary will be sent to the Prime Minister for final approval. Once the Prime Minister signs off, the Ministry of Finance will make a formal announcement. The new prices will be effective for the next 15 days.
Context and Impact
This upcoming revision follows a previous adjustment made on November 1, when the government increased the prices of kerosene and light diesel oil. At that time, kerosene was raised by Rs3.34 to Rs185.05 per litre, and light diesel was increased by Rs1.22 to Rs163.98 per litre. The volatile nature of fuel prices continues to be a central concern for both the public and the economy, influencing inflation and the cost of essential goods and services.
