Pakistan increases fuel prices for the next fortnight

The Government of Pakistan has announced revised consumer prices for petroleum products, effective January 1, 2025, following fluctuations in the international market over the past fortnight.

The price of High Speed Diesel (HSD) has been increased by PKR 2.96 per liter, bringing it to PKR 258.34 per liter, up from the previous PKR 255.38 per liter.

Similarly, the price of MS (Petrol) has been raised by PKR 0.56, now priced at PKR 252.66 per liter, compared to the previous rate of PKR 252.10 per liter.

These adjustments come amid a backdrop of global oil price shifts, with Brent crude oil trading around $74.5 per barrel on December 31, 2024, as reported by Bloomberg.

The global oil prices saw a decline of approximately 4% in 2024. Brent crude prices have been relatively stable since mid-October, marking the second consecutive annual drop, though this year's decrease was less pronounced than the previous year.

The changes also reflect the International Monetary Fund's request for Pakistan to end subsidies in various sectors, including energy.