Petroleum prices likely to go up on new year

The federal government is expected to unveil changes in petroleum prices on December 31, bringing potential increases in diesel and kerosene oil prices, while petrol prices may remain unchanged.

Sources within the Petroleum Division indicated that diesel prices could rise by more than Rs4 per litre, while kerosene oil might see an increase of Rs1 per litre. However, petrol prices are likely to stay stable for now.

The announcement will be made on the final day of the year, with the Finance Minister expected to consult the Prime Minister before finalising the adjustments.

“There is a possibility that petrol prices will also be increased, but the situation will become clear once the official notification is issued,” a source said.

The expected adjustments are part of the government’s periodic review of fuel prices, influenced by global market trends and domestic economic considerations.

On December 15, the government announced fuel price adjustments for the next fortnight, with petrol prices remaining unchanged. However, the price of high-speed diesel was reduced by Rs3.05 per litre.

According to a statement from the Ministry of Finance, the price of petrol would remain unchanged at Rs252.10 per litre.

However, the government decided to reduce the price of high-speed diesel by Rs3.05 per litre, bringing the new price to Rs255.38 per litre.

The prices of kerosene and light diesel were also reduced, with kerosene priced at Rs161.66 per litre, down by Rs3.32, and light diesel at Rs148.95 per litre, a decrease of Rs2.78.