A possible price hike for petroleum and diesel is a concern as Pakistan gets ready for the general elections that are scheduled for February 8. Although the Prime Minister Anwaarul Haq Kakar's interim government has been lowering petrol prices, there is currently discussion of an immense rise of Rs 7 per litre.
In the event that this decision is approved, prices for petrol and diesel would rise for the first time since November 1, 2023. Experts believe that this is a unique case, connecting the possible price increase to global events that have just occurred.
Attacks by the Houthi rebels on tankers in the Red Sea have raised oil prices worldwide. On January 15, the government lowered the price of petrol by Rs 8 per litre, but the cost of high-speed diesel did not alter for the next two weeks.
The interim prime minister approved the move, according to the ministry of finance, to ease the financial burden on the public, especially at this vulnerable time.
After this decrease, the cost of petrol is currently Rs 259.34 per litre, while the cost of high-speed diesel is Rs 276.21. Last week, the price of petrol surged on the global market from $83 to $89 per barrel, while the price of high-speed diesel went from $93 to $97 per barrel. The Middle East's unrest caused a global spike in crude oil prices, which went from $76 to $80 per barrel.
Experts are expecting that the current global surge in oil prices would have little impact on Pakistan's costs for fuel and diesel. This is because there is less chance of a spike in the price of petroleum goods because of the stability of the Pakistani rupee in relation to the US dollar. Analysts speculate that if there hadn't been this stabilising influence, there may have been a more noticeable price increase.
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