ISLAMABAD: Consumers may soon experience a notable increase in fuel prices, with projections indicating a potential rise of up to Rs10.25 per liter for high-speed diesel (HSD) starting October 16, 2024.
Pakistan State Oil (PSO) is currently preparing a working paper for submission to the Oil and Gas Regulatory Authority (OGRA) on October 15. Preliminary estimates suggest that petrol prices could rise by Rs3.95 per liter, kerosene oil by Rs7.85 per liter, and light diesel oil (LDO) by Rs8.33 per liter.
OGRA will evaluate these proposed adjustments before forwarding the working paper to the government for final approval. Following the prime minister’s endorsement, the Finance Ministry will formally announce the revised prices.
In addition to the anticipated price hikes, there is an estimated proposed increase of Rs2.75 per liter intended to enhance the profits of oil companies and petrol stations. This adjustment would elevate the profit margins for oil companies to Rs9.22 per liter, while petrol dealers would see their margins increase to Rs10.04 per liter.
If enacted, the new prices could raise petrol from Rs247.03 per liter to Rs250.98 per liter, HSD from Rs246.29 to Rs256.54 per liter, kerosene oil from Rs154.90 to Rs162.75 per liter, and LDO from Rs140.90 to Rs149.23 per liter. These figures are based on current government taxes and do not account for any fluctuations in the exchange rate.
The forthcoming fuel price increase is anticipated to significantly affect the overall cost of living for Pakistani consumers, likely resulting in higher transportation costs and increased prices for various goods and services.
