Petrol and diesel prices likely to increase in Pakistan from November 1

The prices of petroleum products in Pakistan are on the verge of increasing once again, and a new shock of inflation may come to the public. According to sources, OGRA has decided to prepare a summary of the price changes and send it to the Finance Ministry on October 31, after which the new prices will be announced on November 1 with final approval.

Initial estimates are that the price of petrol is proposed to increase by about Rs 2.35 per liter and the price of high-speed diesel by Rs 2.50 per liter. In case of approval, consumers will have to buy fuel at these new rates during the next fortnight.

According to sources, if oil prices remain stable at the global level, the increase will be limited. However, if the dollar strengthens further or crude oil becomes more expensive, the upcoming review may become more burdensome.

Economists say that a slight increase in crude oil prices in the global market and rising costs on imports have put pressure on prices. At the same time, the depreciation of the local currency and tax rates are also playing a role in increasing petroleum prices.