People across Pakistan may soon experience another rise in fuel prices as the government gets ready for its next review on November 1. According to reports, the prices of petrol and diesel are expected to increase slightly for the first half of November. This adjustment follows regular evaluations by the Oil and Gas Regulatory Authority (OGRA) based on global market conditions and currency trends.
OGRA Finalizes Price Adjustment Proposal
Sources have revealed that OGRA has completed its proposal for new fuel prices and will send it to the Ministry of Finance by October 31. After approval, the revised rates will take effect from the start of November. The expected increase is said to be small, but the final numbers will depend on international oil prices and the rupee’s strength in the market.
Early Estimates Point to a Slight Rise
According to early assessments, petrol prices might rise by around Rs. 2.35 per liter, while high-speed diesel could go up by Rs. 2.50 per liter. However, these numbers are still tentative and could change based on global developments. The authorities will make the official announcement once all relevant data, including exchange rates and import costs, have been reviewed.
Factors Behind the Expected Price Increase
Experts believe that multiple elements are contributing to this likely price hike. Global crude oil prices have shown a mild increase in recent weeks, putting pressure on domestic rates. Additionally, higher import expenses, local taxes, and the rupee’s depreciation against the US dollar have made oil imports more costly for Pakistan, resulting in the possibility of higher fuel prices.
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Economists Predict Only Minor Changes
Economic experts suggest that if international oil prices remain steady, the upcoming increase may be limited. They note that the global market has been relatively stable, and Pakistan’s internal pricing formula may help soften the impact. However, any unexpected rise in global demand or further weakening of the rupee could push local fuel prices higher during the next review.
Public Reaction and Expectations
Consumers, already struggling with inflation and high living costs, are hoping for a minimal adjustment in petrol and diesel rates. Many believe that even a small increase will affect transportation and daily expenses. The final announcement on November 1 will determine how much relief or burden people will face in the coming weeks, as all eyes remain on the government’s decision.
