Global crude oil prices have witnessed a consistent rise over the past 13 days, raising the likelihood of another increase in Pakistan’s local fuel rates. The Oil and Gas Regulatory Authority (OGRA) is scheduled to present its next price review to the government on August 31, and the steady surge in international markets is expected to play a decisive role.
International Price Movements
British Brent crude has risen by $1.60 per barrel during this period, climbing from $65.85 to $67.47. Meanwhile, American crude oil prices also experienced a notable increase, moving up by $1.64 to reach $63.62 per barrel, compared to $61.98 earlier in the month. This steady upward momentum in global benchmarks signals pressure on fuel import costs for oil-dependent economies like Pakistan.
Local Fuel Prices and Adjustments
In Pakistan, the most recent revision of petroleum prices came on August 16, when the Prime Minister Shehbaz Sharif-led government adjusted rates in response to both currency fluctuations and rising international prices. Super petrol was increased to Rs264.61 per litre, while diesel climbed to Rs272.99 per litre. The adjustment reflected not only the higher cost of imports but also the impact of a weakening rupee against the dollar.
Upcoming Review and Possible Impacts
With OGRA now preparing its new petroleum pricing summary which is set to be forwarded on August 31, market watchers anticipate that global price hikes will once again filter down to the local consumers. Any adjustment will directly affect petrol and diesel rates, with households and businesses alike bracing for a further rise in fuel costs. Given Pakistan’s heavy reliance on imported oil, such price increases are likely to intensify inflationary pressures across the economy, affecting transportation, industry, and everyday living expenses.
The government faces the difficult challenge of balancing fiscal obligations with the public’s growing burden, as international price volatility continues to translate into higher domestic energy costs.
