Petrol prices in Pakistan are anticipated to decrease, bringing a sense of relief to citizens grappling with significant inflation.
Insiders familiar with the matter have disclosed that both petrol and diesel prices are projected to drop in the first half of March 2024.
This development is anticipated to provide respite to consumers in Pakistan, as global oil prices experience a notable decline. The prices of petroleum products are predicted to decrease due to a dip in international oil prices and the establishment of a new government.
All petroleum products, including petrol and high-speed diesel (HSD), could see a decrease of approximately Rs7-10 per litre starting from March 1st for the subsequent fortnight.
ALSO READ: PML-N Seeks Roadmap From FBR to Increase Tax-to-GDP Ratio to 13.5% in Five Years
The current government has not finalized any alterations in fuel prices, with the ultimate decision set to be made on the night of February 29th. Consequently, the upcoming first half of March 2024 is expected to witness a reduction of almost Rs7 per litre in petrol prices.
Petrol, Diesel Price in Pakistan Expected Price from March 1st, 2024 :
| Product | Existing Petrol Price | New Petrol Price | Increase/Decrease |
|---|---|---|---|
| Petrol | Rs259.34 | Rs272.89 | +Rs13.55 |
| High Speed Diesel (HSD) | Rs276.21 | Rs278.96 | +Rs2.75 |
As of February 26th, Brent crude fell to $81.27 a barrel, while US West Texas Intermediate crude futures (WTI) dropped 0.5% to $76.14 a barrel.
The downward trajectory in oil prices commenced last week, driven by the strengthening US dollar. Market sentiment has shifted, with expectations of prolonged interest rates bolstering the greenback and exerting pressure on commodity prices.
ALSO READ: Electricity Prices Up Before Ramazan, Adding to Consumer Burden
Since November of the previous year, oil prices have fluctuated between $70 and $90 a barrel, influenced by various factors such as increased US supply and uncertainties regarding demand in Beijing, notwithstanding ongoing OPEC+ supply adjustments and geopolitical tensions.
In mid-February, the outgoing government implemented another hike in petrol prices by Rs2.71 per litre and high-speed diesel (HSD) by Rs8.73 per litre.
(Islamabad51_Newsdesk)
