In a potential respite for Pakistani citizens grappling with the economic impact of inflation, sources reveal that the first half of March 2024 may witness a substantial reduction in petrol and diesel prices. This development, attributed to a significant decline in global oil prices, could bring relief to urban areas affected by soaring living costs.
International indicators point towards a notable decrease in oil prices on the global stage. Experts estimate a reduction of approximately 7-10 Pakistani Rupees per liter for all petroleum products, including petrol and high-speed diesel (HSD). This positive shift expected to create a favorable environment for consumers in Pakistan.
Recognizing the economic challenges faced by the public, the current government has refrained from making immediate decisions on fuel price adjustments. The final verdict slated to announced on the night of February 29, with expectations of a substantial decrease of around 7 Rupees per liter in petrol prices for the first half of March 2024.
Petrol Expected Price in Pakistan:
As of now, petrol priced at PKR 275.62, with an anticipated reduction to PKR 268.70. Diesel, currently at PKR 287.33, expected to drop to PKR 279.50 per liter.
The decrease in oil prices, evident since the beginning of last week, attributed to the strengthening of the US dollar. Market sentiments have shifted as expectations for higher interest rates have propelled the greenback, affecting commodity prices, including oil.
Since November of the previous year, oil prices have experienced fluctuations between $70-$90 per barrel. Factors such as increased US supply, uncertain demand in Beijing, ongoing OPEC+ supply adjustments, and geopolitical tensions contribute to this volatility.
In early February, the interim government responded to market dynamics by increasing petrol prices by 2.71 Rupees per liter and HSD prices by 8.73 Rupees per liter.
As the global oil market experiences shifts, Pakistani consumers can anticipate a positive change in fuel prices for March 2024. While these figures and expectations remain subject to market dynamics, the potential decrease in petrol and diesel prices offers a glimmer of relief for citizens facing economic challenges. Stay tuned for the official announcement on February 29 for the final decision on March 2024 fuel prices.
