Petrol prices likely to increase on New Year’s Eve

ISLAMABAD: Speculation is rife regarding potential changes to petroleum prices in Pakistan, with the government anticipated to announce adjustments on December 31.

According to sources, diesel prices may see an increase of over Rs4 per litre, while kerosene oil could rise by Rs1 per litre. However, reports suggest that petrol prices are expected to remain unchanged for now.

The federal government is likely to finalize these adjustments on the last day of 2024, following consultations between the finance minister and the Prime Minister. Official confirmation of any changes is still awaited.

This potential revision in petroleum prices is part of the government’s regular review process, which takes into account global oil market fluctuations and domestic economic factors.

Earlier on December 15, the government reduced the price of high-speed diesel by Rs3.05 per litre, while petrol prices remained unchanged.

If the speculated increases are implemented, industries and transportation sectors relying on diesel and kerosene may face higher costs. For now, consumers are advised to await the government’s official announcement for clarity.

The decision, once announced, will determine whether the new year begins with the speculated price hikes or if the government opts for a different approach.