Petrol price expected to rise again in Pakistan

November 14, 2024 (MLN): Petrol prices are expected to rise again by about Rs2.5 per litre following an uptick in global oil prices, according to MG Research calculations.

Unless the government changes the petroleum levy, this would bring the petrol price to around Rs250.9 per litre, effective from midnight Friday.

That would be the second consecutive hike, though rates will remain lower than last year as a sharp decline in global oil prices and a stable exchange rate allowed the government to slash prices. On November 16, 2023, the price stood at Rs281.34 per litre.

The government will announce the new prices at midnight on November 15, 2024, which will remain in effect for the rest of the month.

To recall, in the last fortnight, the government increased the price of petrol by Rs1.35 a litre to Rs248.38 as Inland Freight Equalization Margin (IFEM) was raised by 112% to Rs7.89 from Rs3.72 per litre.

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