The petrol price in Pakistan is set to surge by Rs10/litre on April 1, 2024, as the federal government braces for yet another adjustment in fuel rates. The impending increase is attributed to rising premiums and other market factors, threatening to exacerbate the inflationary pressures already burdening ordinary citizens.
Premium Surge Sparks Hike in Petrol Price in Pakistan
The recent hike in petrol prices is fueled by a notable rise in the premium from $12.15/barrel to $13.507/barrel, marking a substantial increment of $1.45/barrel. The surge in premium costs is poised to be directly passed on to consumers, potentially exceeding the price of high-speed diesel and further straining household budgets.
While petrol prices are expected to soar, there may be a slight reprieve for high-speed diesel (HSD) consumers, with a projected decrease of Rs1.30/litre. The modest adjustment offers a contrasting outlook amid the broader uptrend in fuel prices. As the specter of rising petrol prices looms large, Pakistani consumers brace for the economic repercussions of yet another fuel price hike, with uncertainties surrounding tax policies and market dynamics, the road ahead remains fraught with financial challenges for households across the nation.
Stability for Kerosene and Light Diesel Oil
In contrast to the anticipated fluctuations in petrol and HSD prices, kerosene oil, and light diesel oil are expected to maintain their current rates, offering a semblance of stability amidst the volatile energy market. The looming petrol price hike raises concerns about potential tax implications, particularly the proposed imposition of an 18% GST; such a levy could further amplify the financial burden on consumers, compounding the challenges posed by escalating fuel costs.
Read more: Petrol Prices Anticipated to Drop Amidst International Oil Price Decline
