ISLAMABAD: The federal government is set to announce revised petroleum prices on December 31, with changes coming into effect on January 1, ARY News reported. While diesel prices are likely to rise by over Rs4 per liter, petrol prices may remain unchanged. Kerosene oil is expected to see a minor increase of Rs1 per liter.
Sources within the Petroleum Division indicated that the Finance Minister, in consultation with the Prime Minister, will finalize the new prices, with the official notification expected by the year’s end.
Recent Price Trends
On December 15, the government adjusted fuel prices:
- Petrol: Remained stable at Rs. 252.10 per liter.
- High-Speed Diesel: Decreased by Rs. 3.05, now Rs. 255.38 per liter.
- Kerosene Oil: Reduced by Rs. 3.32, now Rs. 161.66 per liter.
- Light Diesel Oil: Reduced by Rs. 2.78, now Rs. 148.95 per liter.
Despite the recent price stability, sources highlight a cumulative increase in petroleum prices over the past month and a half, driven by restrictions from the IMF program. Since October 16, high-speed diesel prices have risen by Rs. 12.14 per liter, while petrol has seen an increase of Rs. 5.07 per liter.
The government’s inability to adjust the petroleum levy due to IMF conditions has limited its ability to offset rising fuel costs, significantly impacting consumers. The upcoming announcement will clarify whether further hikes are in store for the new year.
