KARACHI – Pakistanis are bracing for another price hike as petrol and diesel rates are expected to rise for the second half of December 2024.
Sources familiar with the matter have disclosed that petrol and diesel prices will likely increase by Rs 2.50 to Rs 2.60 per liter, effective from Monday, December 16. The government has also decided to raise the cost of all petroleum products by adjusting the Inland Freight Equalisation Margin (IFEM) to help improve local refinery operations. This change is expected to be temporary, lasting until the next fiscal year’s budget.
This decision follows a meeting of the Executive Committee of the Special Investment Facilitation Council (SIFC), chaired by Planning Minister and senior government officials. The committee discussed measures to upgrade Pakistan’s local refineries. The new taxes will directly affect the prices of petrol and diesel, which are currently priced at Rs 252.10 and Rs 258.43 per liter, respectively. Following the increase, petrol could rise to Rs 254-255 per liter, while diesel prices may reach around Rs 260.
The Oil and Gas Regulatory Authority (OGRA) has been tasked with evaluating the financial impact of the IFEM increase. At the same time, the Petroleum Division is preparing a summary for the Economic Coordination Committee (ECC) to approve the proposed adjustments.
Expected Petrol Price in Pakistan
| POLs | Expected Rates |
|---|---|
| Super | 254-255 |
| Diesel | 260-261 |
Petrol Price History
In the previous month, petrol prices were raised to Rs 252.10 per liter, and diesel prices reached Rs 258.43 per liter. These hikes were prompted by fluctuations in the global oil market and the country’s ongoing economic challenges. The government has been working to manage the impact of rising energy costs on both the economy and consumers.
