KARACHI – Petrol and diesel rates in Pakistan are expected to climb up by Rs3-5 per litre for the second half of January 2025 amid shift in global oil prices.
Sources told Pakistan Observer that petrol rates will move up as crude oil prices jumped to a three-week high, amid mounting concerns over supply disruptions and rising energy demands.
After OGRA proposal, the final decision will be made by Prime Minister Shehbaz Sharif and the Finance Division.
Brent crude futures moved up by 0.35pc, reaching $77.32 per barrel at the highest levels during the last three months. Oil prices saw hike amid concerns about winter energy demand and potential supply disruptions have outweighed broader economic uncertainties, pushing crude prices higher.
The surge in prices marks the third consecutive weekly gain for crude, following a sharp decline to near three-year lows.
On the other hand, the Pakistani rupee experienced slight losses against the US dollar in interbank trading, there were no significant changes in the currency exchange. The fluctuation in the exchange rate, combined with global price trends, is expected to contribute to the rise in fuel costs for Pakistani consumers in the coming weeks.
As the global oil market continues to navigate uncertainties, Pakistanis are expecting higher petrol and diesel rates in the near future.
Last month, the government raised petrol and diesel prices for fortnight starting January 1, 2025. Petrol was moved up by Rs0.56, now priced at Rs252.66 per litre, while high-speed diesel rose by Rs2.96 to Rs258.34 per litre.
