ISLAMABAD – The federal government is expected to raise petrol prices in the next fortnightly review, with changes likely taking effect from November 1.
The Oil and Gas Regulatory Authority (OGRA) has prepared a summary for petroleum product price adjustments. This summary will be submitted to the Ministry of Finance on October 31. Following approval, the new petrol prices will be officially announced.
Preliminary estimates indicate that petrol prices may increase by Rs 2.35 per litre. Similarly, high-speed diesel (HSD) could see a rise of Rs 2.50 per litre. If approved, consumers will have to pay the new rates starting next month.
Economists explain that the rise in petrol prices is influenced by multiple factors. Global crude oil rates have slightly increased, while import costs have also gone up. Additionally, local taxes and a weakening Pakistani rupee have contributed to higher fuel costs.
Reports suggest that if global oil prices remain stable, the petrol prices hike may stay limited in the upcoming 15-day review. However, if the US dollar strengthens or international oil prices rise further, larger increases could occur in the next review period.
The anticipated rise in petrol prices comes amid concerns over inflation and the impact on household budgets. Consumers are advised to monitor official announcements from the Ministry of Finance and OGRA for confirmation of the new rates.
Authorities have emphasized that these adjustments are part of regular fortnightly reviews of petroleum product prices. The government continues to track global market trends closely to ensure timely updates.
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With petrol prices expected to rise, businesses and transporters may also feel the impact, potentially affecting the overall cost of goods and services across the country.
