Fuel Prices Expected To Go Up At New Year's Eve In Pakistan

( MENAFN - IANS) Islamabad, Dec 30 (IANS) The year 2024 has been one of the most challenging years for the people of Pakistan as towering inflation levels have been consistent in adding to the struggles for families to make ends meet due to the government's policies and its focus on compliance with the terms of International Monetary Fund (IMF). While Prime Minister Shehbaz Sharif-led coalition government claims to have put the country's Economy on a course of stability, the start of the new year is being introduced with yet another gift for the locals as the government is geared up to announce an increase in fuel prices on New Year's eve. As per details, prices of High-Speed Diesel (HSD), Light Diesel Oil (LDO) and Kerosine are expected to be increased by at least Rs 4 to Rs 5 per litre for the first fortnight of the year 2025.

While the price of petrol is expected to swing either way by Rs1 per litre change. The revised prices of fuel are announced every fortnight in Pakistan as it tries to manage the impact of oil prices in the international market and stay afloat in terms of its compliance with the IMF EFF (Extended Funding Facility) programme. On the December 15, prices of HSD (High-Speed Diesel) were cut by Rs 3.



05, while petrol prices remained unchanged. Government sources say that oil prices in the international market have been fluctuating consistently, impact of which will reflect in the upcoming announcement of revised fuel prices in Pakistan. “Prices of HSD and LDO have gone up in the international market since December 15.

Ex-refinery cost of kerosine oil has also remained on the higher side. And import premium on petrol and diesel, along with the exchange rate has remained stable”, said Khaleeq Kiani, an economy expert. “These factors will certainly have an impact on the revised prices of fuel in the country, which may go up by at least Rs 5 per litre in LDO and Kerosene oil, and Rs 4 increase in HSD,” he added.

The latest increase in fuel prices is certainly going to add on to the sufferings and struggles of people, transporters including private bus services, heavy goods transporters, small vehicles, rikshaws and two-wheelers, who have already been bearing the brunt of fortnight revision of fuel prices, which is coupled with high inflations levels, zero job opportunities and business-friendly environment. It would not be wrong to say that in Pakistan, the middle and lower-middle classes get a direct hit from an increase in fuel prices as an increase in fuel price also reflects on the increase in prices of vegetables, fruits, meat and other eatables because their transportation cost on trucks, busses and tractors goes up with fuel price hike. Moreover, tube wells and threshers in farmlands also run on HSD, and an increase in fuel prices also translates into an increase in vegetable prices.

“In Pakistan, people on jobs get paid on a monthly basis. Many times, salaries are delayed, salary cuts are imposed, and people are downsized or released from their jobs. But when it comes to budgeting of the house, prices of fuel, basic utilities, electricity and gas go up every 15 days.

.. imagine how long can a lower-middle class family survive in such a situation,” said Amanullah Khan, a resident of Rawalpindi.

“It has become impossible to manage house expenses, pay fees for children's schooling and education, work in an environment where your job is never secure and you may get fired or released any day. The government makes tall claims of success. But the fact on the ground is that this system of fortnightly rise in inflation and fuel prices does not serve the poor at all, it only caters to those who are already rich.

People like us are becoming nothing but a collateral damage in this,” he added. MENAFN30122024000231011071ID1109041058 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article.

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