According to reports from local media, this price hike in crude oil is due to supply disruptions and growing concerns about energy demand. The price of Brent crude oil has reached $77.32 per barrel, marking the highest level in the past three weeks.

It is important to note that while there hasn’t been any significant change in the exchange rate, the increase in crude oil prices could lead to a hike of up to Rs3 per liter in petrol and diesel prices in Pakistan.

The final approval for the price hike will come from Prime Minister Shehbaz Sharif and the Finance Minister, after which the Ministry of Finance will announce the new prices.

For context, in December 2024, the federal government had already raised petrol and diesel prices for January 1. Petrol prices saw an increase of 0.56 rupees, reaching 252.66 rupees per liter, while high-speed diesel rose by 2.96 rupees, reaching 258.34 rupees per liter.

With the public already grappling with high inflation, any potential rise in petroleum prices will add to the challenges faced by the average citizen.

The government must take immediate steps to stabilize prices and provide relief to the public.