What will be the first petrol price in Pakistan for 2024?

ISLAMABAD: A flurry of reports circulating on the internet is fueling speculation about the expected reduction in new petrol prices in Pakistan, set to take effect on Monday, January 1st, 2024.

This is set to be a major announcement, as this fortnightly review will unveil the first petrol price update in Pakistan for the year 2024.

As the fortnightly review approaches, Pakistan’s inflation-burdened masses are eager for relief in petrol and diesel prices, with the cost of petrol having remained stubbornly above Rs260 per litre for an extended period.

Unfortunately, the latest updates suggest that Pakistanis may not witness a two-digit reduction in petrol price during the upcoming review.

The government is scheduled to release the official notification announcing the new petrol and diesel prices tonight.

The revised petrol and diesel prices will come into effect tomorrow, Monday, January 1st, 2024, and will remain applicable until January 15th, 2024.

Recent reports indicate a potential reduction in Pakistan’s petrol prices, ranging from 90 to 98 paisas.

However, critics may argue that such minimal reduction would hardly qualify as a meaningful decrease, as the marginal impact is unlikely to benefit the low-income groups already grappling with financial constraints.

In contrast, there’s speculation that diesel price in Pakistan may experience an increase of Rs1 to Rs1.30 per litre.

These are currently speculative figures, and the final prices are expected to be officially disclosed by the government later tonight, either through an official notification by the Oil and Gas Regulatory Authority (OGRA) or the Ministry of Finance, or through official channels before 11:59 pm.

Officials in the Pakistani oil sector believe that global crude oil prices have seen no significant reduction in the last fortnight. Additionally, the exchange rate between the US dollar (USD) and the Pakistani rupee (PKR) has remained stable for the past fifteen days.

These factors may influence the government to refrain from making major revisions to petrol and diesel prices in Pakistan.

As of now, the petrol price in major cities of Pakistan, including Islamabad, Lahore, Gujranwala, Faisalabad, Multan, Sialkot, Rawalpindi, Peshawar, and Karachi, stands at Rs267.34 per litre.

Certain petrol pumps in Rawalpindi are selling petrol at Rs268.18 per litre, reflecting differences in ex-depot rates of petroleum products.

Additionally, high-octane fuel at Pakistan’s popular petrol pumps is being retailed at Rs311.88 per litre.

The final decision on petrol and diesel prices is eagerly awaited by the public, who hope for a more substantial reduction to alleviate the economic burden on consumers.

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