• Petrol and diesel prices could rise by Rs. 2.50 to Rs. 2.60 per liter starting on December 16
• The new taxes will directly impact current petrol and diesel prices, which stand at Rs. 252.10 and Rs. 258.43 per liter, respectively.
• The government aims to manage the rising energy costs’ impact on the economy and consumers.

Pakistani consumers may face another hike in fuel prices as petrol and diesel rates are projected to increase for the second half of December 2024.

Sources indicate that petrol and diesel prices could rise by Rs. 2.50 to Rs. 2.60 per liter starting Monday, December 16.

The government has also decided to temporarily increase the cost of all petroleum products through the Inland Freight Equalisation Margin (IFEM). This measure aims to support local refineries in upgrading their facilities and will remain in effect until the next budget.

This decision follows a meeting of the Executive Committee of the Special Investment Facilitation Council (SIFC), chaired by the Planning Minister and senior officials. The council deliberated on strategies to enhance refinery infrastructure. The new taxes will directly impact current petrol and diesel prices, which stand at Rs. 252.10 and Rs. 258.43 per liter, respectively.

Expected Rates for December 16

The Oil and Gas Regulatory Authority (OGRA) has been tasked with assessing the financial impact of the IFEM hike, while the Petroleum Division prepares a summary for the Economic Coordination Committee (ECC) approval.

In November, petrol prices were raised to Rs. 252.10 per liter, and diesel to Rs. 258.43 per liter, driven by fluctuations in the global oil market and domestic economic challenges. The government aims to manage the rising energy costs’ impact on the economy and consumers.

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