The government, led by Prime Minister Shehbaz Sharif, is expected to raise petrol and diesel prices from January 16, 2025. Reports indicate that the price hike could be between Rs 3 to 5 per litre, driven by a surge in global crude oil prices. Crude oil prices have recently hit a three-month high, with Brent crude futures rising 0.35% to $77.32 per barrel, marking the third consecutive weekly increase.
Experts suggest that the rise in global oil prices is due to concerns over potential supply disruptions during the winter and growing energy demand. These factors are pushing crude prices to increase, leading to rising pressure on the government to adjust local fuel prices accordingly.
The Oil and Gas Regulatory Authority (OGRA) has proposed the new rates, which are awaiting final approval from the Prime Minister and Finance Division. Once approved, the new prices are expected to take effect on January 16. This increase follows a recent price adjustment on January 1, when petrol prices were raised by Rs 0.56 to Rs 252.66 per litre and high-speed diesel prices were increased by Rs 2.96 to Rs 258.34 per litre.
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