Pakistanis brace for another round of petroleum price hikes for the second half of February 2024 as global oil prices continue to rally.
Reports in local media suggest that prices of petrol and high-speed diesel are set to increase from Feb 16 for the next fortnight by Rs 1.97 and Rs 9.20 per litre respectively.
Amid escalating tensions in Middle East, global oil surged, raising concerns about further increases in petroleum prices in Pakistan. Brent crude prices also soared by about $1.5 per barrel to $83 since early February.
For Diesel, consumers could see diesel rate hike from current Rs278.96 per litre to Rs286.97 per litre, and petrol prices may also rise slightly by 80 paisas per litre.
The move is expected to further trigger inflation as diesel is widely used in transportation and agriculture.
Light Diesel Oil (LDO), mainly used in industry, could see Rs2.50 per litre increase, reaching Rs169.62 per litre for the upcoming fortnight.
Last month, the outgoing government announced a sharp increase in price of petrol for the first half of February 2024. Petrol price was increased by Rs13.55 per litre, and new petrol rate has reached Rs272.89 per litre.
