Should Pakistanis expect a cut in petrol, diesel prices for next fortnight?

LAHORE: In the upcoming fortnightly review, the government of Pakistan is anticipated to revise the prices of petrol and diesel, with the announcement of the revised petroleum prices scheduled for midnight on January 15, 2024 (tomorrow).

Initial reports indicated a potential reduction in petroleum prices, with a speculated decrease of Rs5 per litre in the price of petrol.

However, recent insights from various reputable news outlets in Pakistan are now suggesting a more substantial decrease, projecting a possible reduction of up to Rs10 per litre.

It is crucial to highlight that these projections are based on analyses and opinions put forth by experts and analysts.

They attribute the expected decrease in local prices to the recent decline in global oil prices, which experienced a drop of more than 1 per cent in the last fortnight.

Nevertheless, it is essential to emphasise that these reductions remain speculative, contingent upon the future movements in the global market and the exchange rate. The trajectory of petrol and diesel prices in Pakistan will be significantly influenced by these external factors.

Current petrol rate in Pakistan

The current ex-depot petrol price in Rawalpindi, Lahore, Islamabad, Faisalabad, Gujar Khan, Sialkot, Peshawar, Karachi, Multan, Mianwali, Narowal, Kasur, Jhelum, Kharian, Sahiwal, Sheikhupura, and Gujranwala stands at Rs267.34 per litre.

As the nation eagerly anticipates the official notification of petrol prices at midnight on Monday, there is an expectation that the revisions in both petrol and diesel prices will be closely monitored.

The announcement is highly awaited, as a substantial number of Pakistanis hope for a reduction in petrol and diesel prices. This anticipation is particularly crucial for many citizens whose daily commuting expenses are significantly impacted by these price fluctuations.

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