What will be the petrol price in Pakistan for the rest of January 2024?

ISLAMABAD: In the wake of global oil price dynamics, the petrol prices in Pakistan are anticipated to undergo minimal changes in the upcoming week.

The stability in the global crude prices during the initial week of January 2024 has contributed to this outlook, with slight fluctuations reported.

There are indications that the petrol prices in Pakistan might experience a slight decrease in the forthcoming fortnightly review scheduled for January 16.

This speculation is rooted in the observation that crude oil prices exhibited a modest decline during that period.

The impending revision in Pakistan’s petrol and diesel prices is set to take effect for the rest of January 2024.

While some reports suggest a potential decrease of up to Rs6 per litre, these remain speculative, aligning with the fluctuations in global oil prices throughout the first two weeks of January 2024.

Recent developments in the oil market have seen a 1 per cent increase in prices on Thursday, January 11, 2024.

Iran’s seizure of an oil tanker off the coast of Oman has raised concerns about escalating conflicts in the Middle East.

Brent futures rose 0.8 per cent, settling at $77.41 a barrel, and US West Texas Intermediate (WTI) crude rose 0.9 per cent, settling at $72.02.

The current upward trend in global oil prices may impact petrol and diesel prices in Pakistan, prompting the government to consider adjusting prices in line with international trends, especially considering the potential conflict in the Middle East.

During the last fortnightly review, the government opted to maintain the existing petrol and diesel prices in Pakistan, refraining from making any alterations.

Presently, in the second week of 2024, petrol price in major cities of Pakistan such as Islamabad, Lahore, Gujranwala, Gujrat, Faisalabad, Multan, Sialkot, Rawalpindi, Peshawar, and Karachi stand at Rs267.34 per litre, consistent since the second fortnight of December 2023.

It is noteworthy that certain petrol pumps in Islamabad are selling petrol at Rs268.18 per litre, reflecting variances in ex-depot rates of petroleum products.

Additionally, high-octane petrol is being retailed at Rs311.88 per litre, maintaining its price since the last two weeks of December 2023.

The uncertainty surrounding whether petrol prices in Pakistan will witness an increase or decrease prevails until an official announcement is made through a notification from the Petroleum Division, Ministry of Energy, or Ministry of Finance.

The decision, expected next week, will remain effective for the subsequent fortnight, concluding at the start of February 2024.

The public, grappling with persistently high petrol and diesel prices in Pakistan, awaits the government’s decision with anticipation, hopeful for a substantial reduction to alleviate economic burdens.

As of now, there are no clear indicators of a major cut or increase in the prices of petroleum products.

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