- The price of petrol may increase by Re0.81 per liter from December 16.
- The price of diesel may decrease by Rs3.94 per liter in the new fortnightly rates.
- Petrol is expected to cost Rs 252.92, diesel at Rs 254.53 per litre.
ISLAMABAD: A small hike of Re 0.81 per liter in petrol prices and a moderate reduction of Rs 3.94 per liter in diesel prices have been proposed for the next fortnight starting December 16, 2024. News reported.
The adjustments are based on the first 12 days of the current fortnight, reflecting volatility in international markets due to the recent regime change in Syria.
If the situation in Syria stabilizes soon, the price of POL may fall further. Currently, crude oil and POL products are available in abundance in the international market, but the demand is less.
According to the 12 working days, the price of petrol could settle from December 16 at Rs252.92 per liter after an increase in its price by Re0.81 per liter. Diesel could drop by Rs 3.94 per liter to Rs 254.53 from the current price of Rs 258.43 per litre.
In the previous fortnightly review, the federal government increased the price of petrol by Rs 3.72 per litre. The price of petrol has been increased from Rs248.38 to Rs252.10 per litre. The price of high speed diesel (HSD) has also been increased by Rs255.14 per liter to Rs258.43, an increase of Rs3.29.
Gasoline is mainly used in private transport, small vehicles, rickshaws and two-wheelers. Rising fuel prices have a significant impact on the budgets of members of the middle and lower classes, who mainly consume gasoline for their commute.
On the other hand, a significant portion of the transportation sector relies on high-speed diesel. Its price is considered inflationary as it is mainly used in heavy goods vehicles, trucks, buses, trains and agricultural machinery such as tractors, tube wells and threshers.
High-speed diesel consumption is particularly contributing to the rise in prices of vegetables and other food items.