A new report suggests that petrol and diesel prices in Pakistan might go up by Rs7 per litre starting February 1, right before the upcoming elections on February 8. The report links this possible increase to growing tensions in the Middle East, which could lead to higher global oil prices.
Currently, petrol is priced at Rs259.34 and diesel at Rs276.21. If the Rs7 hike occurs, these prices would drop to Rs252.43 and Rs269.21, respectively. Pakistan usually adjusts fuel prices every two weeks, and the next update is expected on January 31. Despite recent decreases, fuel prices reached their peak in September but have been slowly coming down since then.
On the global front, petrol prices rose by $6 to $89 per barrel in just one week, while diesel went from $93 to $97-98 per barrel. Since Pakistan depends on oil imports, international prices and the exchange rate with the US dollar impact local fuel costs.
As Pakistan approaches elections and deals with economic challenges linked to global conflicts, the potential increase in fuel prices is a concern for both citizens and policymakers.
