The federal government has raised petrol and diesel prices for the next two weeks, effective January 1, 2025. According to the Ministry of Finance, the price of petrol rose by Rs 0.56 per litre, to Rs 252.66, while the price of high-speed petrol rose by Rs 0.56 per litre. Diesel saw a rise of Rs 2.96 per litre, with its price now standing at Rs 258.34.
These amendments come amid fluctuations in global oil market trends and local economic pressures. The ministry stated that the reviews are part of regular price updates to balance costs.
In mid-December, the government maintained petrol prices at Rs 252.10 per litre, while reducing diesel prices by Rs 3.05 to Rs 255.38 per litre. Prices of kerosene and light diesel were also reduced at that time, providing temporary relief to consumers.
Sources indicate that the inability to reduce the tax on oil, due to restrictions in the International Monetary Fund programme, has contributed to the recent rise in prices. Since October 2024, petrol prices have increased by Rs 5.07 per litre, while diesel prices have increased by Rs 12.14 per litre.
The latest increase highlights the challenges of stabilizing fuel costs at a time when Pakistan faces broader economic constraints and global market dynamics.