Petrol and Diesel prices are expected to go up for the second half of December 2024, with strong possibility of a surge in petroleum product prices amid a surge in international oil prices.
Reports in local media said US crude oil and British Brent saw significant price hikes in the global market. In the last week, the price of crude oil moved up by 63 cents, now hovering at $68.05 per barrel while Brent increased by 73 cents, with its current price at $71.85 per barrel.
Oil and Gas Regulatory Authority (OGRA) reportedly sent the summary to the government, recommending adjustments in petroleum product prices. The government is expected to make a final decision on December 15.
As per sources, up to Rs.10 per litre increase is feared in both the prices of petrol and diesel, however, the government would try its best to keep the rates unchanged to avoid image destruction on a public level as it is claiming economic stability in improvement in the country.
Citizens are bracing for the potential impact of the price increase on the cost of daily commuting and goods transportation.
Last month, petrol price was jacked up Rs3.72 per litre and high-speed diesel (HSD) by 3.29 per litre amid changes.
