In what could be welcome news for Pakistani consumers, there is a high likelihood of a significant reduction in petrol prices by Rs. 5.32 per liter in the second half of January 2024. This development comes as a result of multiple factors, including the stabilizing Pakistani Rupee against the US Dollar and a notable decrease of Rs. 3.29 per liter in crude oil prices.
According to a senior government official, the expected reduction in petrol prices is part of a broader strategy to ease the financial burden on the public. While petrol prices are anticipated to see a substantial drop, there is no projected change in diesel rates.
The strengthening of the Pakistani Rupee against the US Dollar has played a pivotal role in creating a favorable environment for this reduction. Additionally, the decline in crude oil prices by Rs. 3.29 per liter and a corresponding reduction of Rs. 1.75 per liter in light diesel costs contribute to the overall positive outlook.
It is essential to note that the government does not influence diesel prices, as clarified by the official. Post the expected reduction, the new petrol price could potentially decrease from 276.21 to 267.34 Rs. per liter. This anticipated relief extends to other petroleum products, with kerosene oil possibly dropping from 188.83 to 185.54 Rs. per liter and light diesel expected to go down from 165.75 to 164 Rs. per liter.
Pakistani consumers can look forward to a potential easing of their financial burdens as these reductions, if implemented, will have a positive impact on fuel costs. This news offers a glimmer of hope for a more affordable fuel landscape in the coming weeks.
