Govt increases petrol, diesel prices for next fortnight

The federal government has raised petrol and diesel prices for the next fortnight, effective January 1, 2025.

According to the Ministry of Finance, petrol increased by Rs0.56 per litre, bringing it to Rs252.66, while high-speed diesel saw a rise of Rs2.96 per litre, now priced at Rs258.34.

These adjustments come amid fluctuating international oil market trends and domestic economic pressures. The ministry stated that the revisions are part of regular pricing updates to balance costs.

In mid-December, the government maintained petrol prices at Rs252.10 per litre while reducing diesel prices by Rs3.05 to Rs255.38 per litre. Prices for kerosene and light diesel were also lowered at that time, offering temporary relief to consumers.

Sources highlight that the inability to reduce the petroleum levy, due to IMF program restrictions, has contributed to recent price increases.

Since October 2024, petrol prices have risen by Rs5.07 per litre, while diesel prices have surged by Rs12.14 per litre.

The latest hike underscores the challenges of stabilizing fuel costs as Pakistan grapples with broader economic constraints and global market dynamics.