In a recent development, Pakistan braces itself for a significant hike in petroleum product prices, effective February 1, driven by global oil market fluctuations and additional charges linked to oil imports, according to a recent report.
The report suggests that the price of petrol may witness an upward adjustment of up to Rs9 per liter, with diesel prices potentially seeing an increase of up to Rs6. Presently, petrol is priced at Rs 259.34, and diesel is fixed at Rs 276.21.
An earlier report had hinted at a possible increase of Rs7 per liter. Notably, petroleum product prices in Pakistan undergo revisions every fortnight, and the next announcement is scheduled for January 31.
Despite a recent Rs8 reduction in petrol prices in January, diesel rates remained unchanged. The fluctuation in these prices is attributed to both international market trends and the exchange rate of the rupee against the US dollar.
While the rupee has shown signs of appreciation against the dollar in recent weeks and international market petrol prices dropped to $86.5 per barrel (a $3 decrease), diesel prices have surged by $2, reaching $97.5 per barrel.
Given the wide-ranging impact of oil and diesel prices on the Pakistani economy, any adjustments will be keenly monitored by consumers and stakeholders alike.
Stay tuned for updates as the nation navigates through these changes, closely watching the economic implications of the forthcoming adjustments in petrol and diesel prices.
