Pakistan is bracing for a potential increase in the prices of petroleum products starting February 1st, driven by global oil market trends. Reports suggest that diesel prices may go up by Rs. 6 per liter, while petrol prices could rise by Rs. 3 per liter.

This would mark the third price hike in January, as the government has already adjusted petroleum prices twice this month due to ongoing fluctuations in global oil markets.

After remaining below $80 per barrel since October 2024, global crude oil prices began to climb in December. Current data shows British crude oil trading at approximately $81.56 per barrel, while American crude is around $79.65 per barrel.

The increase in international oil prices is now impacting Pakistan, leading to higher import costs and a likely rise in domestic fuel prices. Consumers already dealing with rising living expenses will face additional challenges due to these price hikes.

From July to December 2024, Pakistan experienced a 1% increase in petroleum imports, reflecting the higher costs of imported petroleum products. This ongoing price adjustment, influenced by the global market, is expected to have a significant impact on transportation, daily commuting costs, and the overall economy.
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