In the upcoming fortnightly review on January 31, 2024, the caretaker government in Pakistan is poised to adjust petrol and diesel prices for the first half of February. The anticipated increase is attributed to surging international rates, exacerbated by heightened tensions in the Middle East following Houthi rebels’ attacks on cargo ships associated with the US and Israel.
The federal government regularly revises petroleum prices every two weeks based on recommendations from the Oil and Gas Regulatory Authority (OGRA). Despite consecutive reductions in the preceding months, the current geopolitical climate has prompted expectations of a noteworthy adjustment in fuel prices.
Reports suggest that OGRA is likely to recommend a substantial increase of Rs7 per liter for both petrol and diesel on January 31. This adjustment, if approved, will be effective from February 1 to 15, impacting consumers across the country.
As of now, the per-liter price of petrol in Pakistan is Rs259.34, while high-speed diesel is available at Rs276.21 per liter.
Should the government approve the proposed Rs7 per liter increase, the new petrol price will stand at Rs266.34 per liter, and diesel will be priced at Rs283.21 per liter.
This potential adjustment may have significant implications for consumers, businesses, and various sectors of the economy. As international tensions contribute to fluctuating fuel prices, individuals and industries are advised to stay informed about the evolving situation.
As Pakistan braces for a possible surge in petrol and diesel prices in response to global developments, stakeholders are urged to stay abreast of official announcements from the government and OGRA. The impact of these adjustments on daily life and economic activities underscores the importance of monitoring the evolving situation in the energy market.
