Fuel Price Hike Expected in Pakistan Due to International Market Fluctuations
Islamabad:Pakistan is likely to see an increase in petrol prices, as recent fluctuations in international fuel prices are expected to impact the local market. Fuel prices in Pakistan are reviewed every 15 days, with new prices being set for the upcoming fortnight. While petrol prices remained stable during the past 15 days, experts predict that the latest developments in the international market will result in a price hike.
**Impact of International Fuel Price Trends**
According to media reports, the slight increase in global fuel prices over the last 12 days suggests that petrol prices in Pakistan may rise by Rs. 3 per liter and diesel by Rs. 2.87 per liter from December 1, 2024. This adjustment comes after a period of stability in the fuel sector, with no changes made to petrol prices in the previous fortnight.
**Middle East Conflict’s Impact on Global Oil Prices**
Interestingly, despite the expected price hike, there is also speculation about a potential decrease in global fuel prices due to a ceasefire agreement between Israel and Hezbollah in the Middle East. This development could lead to a stabilization of oil prices in the international market, which may impact the pricing of petroleum products (POL) in Pakistan.
In conclusion, while international oil price fluctuations are set to drive up petrol prices in Pakistan, the situation remains fluid, and there is a possibility that price adjustments could stabilize depending on geopolitical developments in the Middle East.
