Pakistan may see another increase in fuel prices starting November 16, 2024, with petrol prices possibly rising by Rs 2.50 per liter and high-speed diesel by Rs 5.91 per liter. This adjustment follows global oil price trends, which have shifted due to both international market demands and geopolitical factors affecting oil exports. The Oil and Gas Regulatory Authority (OGRA) is expected to recommend these new rates, pending government approval.
This increase will add to Pakistan’s inflation, affecting transportation costs and raising prices on goods, which in turn impacts everyday expenses for consumers already grappling with economic challenges. The depreciation of the Pakistani rupee further complicates the situation, making imports more costly and adding pressure on fuel prices. This change also coincides with the onset of winter, which typically raises demand for heating fuel, creating a compounding financial strain.
Analysts suggest these price hikes could influence both urban and rural areas, as fuel costs significantly impact the transportation of goods, including essential items like food and medicine. This rising fuel cost comes on top of existing economic challenges, including rising utility costs and inflation, posing an ongoing struggle for consumers to maintain their standard of living.
