Petrol, diesel prices likely to hike from Jan 16

ISLAMABAD: The prices of petrol and diesel in Pakistan are expected to increase for the second fortnight of January 2025.

Sources said that petrol and diesel prices are likely to see a hike by Rs3 per litre. Furthermore, the price of kerosene could rise by Rs1 per litre.

The final decision regarding petroleum prices will be made and announced on January 15, 2024, following the approval of Prime Minister Shehbaz Sharif.

The hike in petroleum product prices is expected due to the increase in crude oil prices, which have reached their highest level in nearly three weeks due to supply disruptions and concerns about rising energy demand.

Recently, Brent crude futures in the global market increased by 0.35% to $77.32 per barrel. This marks the third consecutive weekly increase in crude oil prices, following a sharp decline to a three-year low.

The decision to change the prices of Peter William products in Pakistan will be made on the proposal of OGRA, which will be approved by Prime Minister Shahbaz Sharif.

Earlier, the government of Pakistan announced a “gift on New Year” for citizens, increasing the prices of petroleum products for the first fortnight of January 2025.

According to the press release issued by the Finance Division, the consumer prices of petroleum products have been revised in view of the fluctuations in the international market in the last fortnight.

The price of petrol has been fixed at Rs 252.66 per liter, with an increase of 56 paisa per liter. Whereas, the govt has surged the high-speed diesel price by Rs2.96 per liter, fixing it at Rs258.34 from the previous price of Rs255.38.