Petrol and Diesel Prices Announced for October 2024 in Pakistan

The government of Pakistan has announced the new petrol and diesel prices for October 2024, effective from October 1st. The prices have seen an upward adjustment, with petrol now costing Rs. 325 per liter and diesel at Rs. 320 per liter, due to rising international oil prices and the devaluation of the Pakistani Rupee.

This price hike has caused concern among the general public, as it will likely lead to increased costs for transportation, food, and other essential goods. Transporters have already hinted at raising fares, and the agricultural sector is expected to feel the impact due to higher diesel costs for running machinery.

The Oil and Gas Regulatory Authority (OGRA) cited fluctuations in the global oil market as the primary reason for this increase. The government is also under pressure to meet revenue targets, which has led to the imposition of additional taxes on petroleum products. This latest hike is part of the government’s strategy to manage the country’s fiscal deficit, but it adds to the financial burden of the average citizen.

Analysts predict that the price hike could further contribute to inflation, prompting calls for relief measures to cushion the blow for lower-income families. Many are urging the government to introduce targeted subsidies or fuel rationing programs to protect vulnerable segments of society.