The federal government is poised to raise petrol prices by Rs 3.50 per liter, effective from January 16, 2025, for the upcoming fortnight. This price hike is part of a broader adjustment to fuel prices, which is expected to impact various petroleum products.
In addition to the petrol price increase, light-speed diesel is likely to see a rise of Rs 5, and kerosene oil could experience an increase of over Rs 6. These adjustments are being driven by fluctuations in global oil markets, which have seen price volatility in recent weeks.
The petroleum industry has already submitted a working paper to the Oil and Gas Regulatory Authority (OGRA) for review. OGRA is expected to examine the current market conditions and recommend new prices, with a decision slated for January 15, 2025.
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Once OGRA completes its review, the new fuel prices will be presented to Prime Minister Shehbaz Sharif for approval. Following this, the Ministry of Finance will issue a formal notification, making the new rates official. The price revisions are part of the government’s ongoing efforts to manage the impact of global oil price changes on domestic fuel costs, which have a direct effect on the economy and public transportation expenses.
