KARACHI – Pakistani are expected to face another blow as Petrol and Diesel Rates are about to climb higher for the second half of December 2024.
Sources familiar with the development revealed that cost of petrol and diesel prices are about to climb by Rs 2.50-2.60 per liter from December 16 Monday.
The government also decided to increase cost of all petroleum products with inland freight equalisation margin (IFEM) to help refineries improve their facilities. This change will be temporary, lasting until the next budget.
The follows meeting of the Executive Committee of the Special Investment Facilitation Council (SIFC) chaired by Planning Minister and senior officials. The committee discussed measures aimed at upgrading local refineries. The new taxes will directly impact prices of petrol and diesel, which are currently priced at Rs 252.10 and Rs 258.43 per liter, respectively.
Expected Petrol Price in Pakistan
| POLs | Expected Rates |
|---|---|
| Super | 254-255 |
| Diesel | 260-261 |
Petrol is said to rise to Rs 254-255 per liter, while diesel prices could hit approximately Rs 260.
Oil and Gas Regulatory Authority (OGRA) has been tasked with assessing the financial implications of the IFEM hike. Meanwhile, the Petroleum Division is preparing a summary to be presented for approval by the Economic Coordination Committee (ECC).
Petrol Price Update
Last month, petrol prices was raised to Rs252.10 per liter, and diesel at Rs 258.43 per liter. These changes were made in wake of global oil market fluctuations and domestic economic challenges, with the government aiming to manage the rising energy costs’ impact on the economy and consumers.
Petrol prices in Pakistan from December 16 – Here’s what to expect?
