Petrol and Diesel Prices Increased in Pakistan

Jawad

30 Nov 2024

205

Petrol and Diesel Prices Increased in Pakistan

The petrol prices in Pakistan has been revised by the federal government for the upcoming fortnight, effective December 1, 2024. According to a notification issued by the Ministry of Finance, the petrol price Jumps by Rs. 3.72 per liter, bringing the new rate to Rs. 252.10 per liter from the previous Rs. 248.38. Similarly, the diesel prices in Pakistan have risen by Rs. 3.29 per liter, making the new cost Rs. 258.43 per liter compared to the prior Rs. 255.14. This adjustment reflects the government's ongoing response to global economic pressures and fluctuating crude oil prices.

Government's Decision-Making Process

The Ministry of Petroleum had earlier proposed the rate adjustment, which was finalized after consultations between Finance Minister Muhammad Aurangzeb and Prime Minister Shehbaz Sharif. The revised fuel prices in Pakistan are expected to have a significant impact on consumers and the economy. While the government deliberated extensively, the hike reflects the challenges posed by international market dynamics and domestic fiscal policies.

Predictions of a Price Hike

Reports leading up to the announcement had already hinted at an increase in petrol and diesel prices in Pakistan for the first half of December. Earlier predictions suggested that the petrol price jumps by Rs. 3.72/liter, while diesel and kerosene oil prices were also expected to rise. Such forecasts often influence market expectations and consumer behavior even before official notifications are issued.

Global and Domestic Factors

The primary driver for these adjustments is the fluctuation in global crude oil prices, which directly affects domestic rates. Additionally, the IMF has suggested imposing an 18% GST on petroleum products and raising the Petroleum Development Levy (PDL) from Rs. 60 to Rs. 70 per liter. Although the government has not yet implemented these recommendations, they remain a point of concern for consumers already dealing with the effects of rising fuel prices in Pakistan.

Economic Impact on Daily Life

Petroleum price changes significantly influence inflation in Pakistan, as daily commodities' costs fluctuate accordingly. A petrol price increased scenario often leads to an uptick in the inflation rate, burdening the masses. Conversely, reductions in prices provide some relief. With petrol and diesel prices increased, the public is bracing for the economic ripple effects, highlighting the importance of stable and predictable pricing policies.

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