In its latest revision of fuel prices, the federal government has raised the cost of petrol by Rs1.35 per litre and high-speed diesel (HSD) by Rs3.85 per litre, effective November 1, 2024. This announcement, made through a notification by the Ministry of Finance on Thursday, comes as part of the government’s bi-monthly fuel price adjustments, impacting consumers nationwide.
With this increase, the price of petrol now stands at Rs248.38 per litre, while HSD has reached Rs255.14 per litre. Diesel, widely used in commercial transport and agriculture, is expected to impact these sectors’ operational costs. The previous adjustment on October 15 saw a Rs5 increase in the price of HSD, while petrol prices were left unchanged.
In contrast to the rise in petrol and diesel, light diesel oil (LDO) and kerosene prices have been reduced. The price of LDO has dropped by Rs2.61 per litre to Rs147.51, and kerosene has seen a Rs1.48 reduction, bringing its price to Rs161.54 per litre. These adjustments could offer slight relief to certain sectors, including low-income households that rely on kerosene for cooking and heating.
The price changes are part of a broader strategy influenced by international oil prices, currency fluctuations, and other economic factors. This increase marks a continuation of fuel cost adjustments as the government seeks to manage fiscal targets and energy imports, amidst a volatile global oil market.
With these price changes now in effect, consumers and businesses alike may see immediate effects on transportation and goods. Economic analysts suggest that the rising cost of HSD, in particular, could lead to higher prices for essential goods, as transportation expenses are passed along the supply chain. As Pakistan navigates these challenging economic waters, fuel price stability remains a central concern for the government and the public.
