Pakistan is expected to see another increase in fuel prices, with up to 3 rupees per liter for both petrol and diesel beginning January 16, 2025. This predicted price hike comes after a jump in global crude oil prices, which have hit their highest levels in over three weeks.
The price increase is due to problems in global oil supplies and mounting concerns about rising energy demand. Despite no significant changes in Pakistan’s currency rate, the adjustment in oil prices would most certainly result in increased pricing for petroleum items in the following days.
Brent crude oil futures, a worldwide benchmark, climbed 0.35% to $77.32 per barrel, marking the third straight weekly increase. This comes as oil prices fell sharply to a three-year low, raising concerns about the market’s supply and demand balance.
By December 2024, the Pakistani government had already raised petrol prices. Petrol prices increased by 0.56 rupees per liter to 252.66 rupees, while high-speed diesel (HSD) prices surged by 2.96 rupees per liter to 258.34 rupees.
The Treasury Division is likely to publish new pricing following clearance from Prime Minister Shehbaz Sharif and the Finance Minister. According to sources, global oil market volatility may cause petrol and diesel prices to rise by up to 3 rupees per liter.
On a worldwide scale, the oil market fell temporarily on Tuesday, with Brent crude futures sliding 0.37% to $76.02 per barrel and U.S. West Texas Intermediate (WTI) falling 0.45% to $73.23 per barrel. However, these dips came after a period of steady price increases driven by expectations of fiscal stimulus in China to solve its economic issues.
Furthermore, a stronger US dollar has fueled rising oil prices, making crude oil more expensive for holders of foreign currencies. Geopolitical concerns, notably in Syria, and uncertainty about US leadership are contributing to the persistent volatility of oil prices.
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