Fuel price hike fears further increase in inflation

Another increase in the prices of petroleum products has been implemented in the country, after which the public is afraid that travel expenses as well as daily necessities will become more expensive. The government has called the continuous changes in the global oil market the main reason for the price changes.

According to the official notification, the price of petrol per litre has been increased by Rs 3.66, while the price of high-speed diesel has been increased by Rs 4.80. Under the new prices, petrol will be available at Rs 335.18 per litre and high-speed diesel at Rs 383.46 per litre. These rates will be effective from July 25.

Government sources say that crude oil prices in the global market are uncertain due to increasing tensions in the Middle East, which is having a direct impact on import costs. In this context, prices in the local market have been adjusted to a new level.

In recent months, the government has also changed the method of determining the prices of petroleum products. Now, keeping in mind the daily changes in the international market, prices are being reviewed so that the difference between import costs and local rates can be kept low.

According to economic experts, the increase in petrol prices is not limited to those using private vehicles or motorcycles, but its effects spread to transport, food delivery, agricultural activities and industrial production. Similarly, the increase in diesel prices also creates the possibility of increasing the cost of freight, which may lead to an increase in inflationary pressure in the future.

On the other hand, the representative organisation of petrol pump owners has once again expressed reservations about the method of determining daily prices. The organisation argues that the constant price changes affect business planning while also creating uncertainty among consumers.

Pakistan meets a large part of its energy needs with imported oil, which is why even a small change in crude oil in the global market affects local prices. Experts say that if the international market does not stabilise, there is a possibility of further changes in the prices of petroleum products in the coming days.