[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]As global oil prices continue their upward trajectory, Pakistanis find themselves preparing for another round of petroleum price increases in the latter half of February 2024. Reports circulating in local media indicate that the prices of petrol and high-speed diesel are anticipated to rise from February 16 for the next two weeks, with projections suggesting an increase of Rs 1.97 and Rs 9.20 per litre, respectively.
The backdrop for these potential price hikes is the ongoing escalation of tensions in the Middle East, contributing to a surge in global oil prices. The concerns surrounding further spikes in petroleum prices in Pakistan are exacerbated by the notable increase in Brent crude prices, which have risen by approximately $1.5 per barrel to $83 since the beginning of February.
Read more: Outgoing Government Raises Petrol Price By Rs13.55
Should these projections materialize, consumers could witness a hike in diesel rates from the existing Rs 278.96 per litre to Rs 286.97 per litre, and petrol prices might also experience a modest increase of 80 paisas per litre. The potential consequences of these adjustments extend beyond the immediate impact on fuel costs, as diesel plays a crucial role in transportation and agriculture, making any increase likely to contribute to inflationary pressures.
Furthermore, Light Diesel Oil (LDO), primarily utilized in industrial settings, could see a notable increase of Rs 2.50 per litre, reaching Rs 169.62 per litre for the upcoming fortnight. This anticipated rise in LDO prices adds another layer to the economic considerations, particularly within the industrial sector that relies on this fuel variant.
This development follows the outgoing government’s decision last month to implement a significant petrol price hike for the first half of February 2024. The increase amounted to Rs 13.55 per litre, bringing the new petrol rate to Rs 272.89 per litre. These successive adjustments in petrol prices reflect the ongoing volatility in global oil markets and the impact of geopolitical events on fuel costs.
As the nation awaits the formal announcement of the revised petroleum prices, the potential for inflationary pressures remains a significant concern. The correlation between fuel costs, transportation, and agricultural activities underscores the broader economic implications of such adjustments. The upcoming fortnight will likely witness a closer scrutiny of the economic landscape, with stakeholders monitoring the repercussions of these anticipated price hikes on various sectors of the economy.[/vc_column_text][/vc_column][/vc_row]
