ISLAMABAD – The Pakistani government is set to announce new petrol and diesel prices for the second half of January 2024, considering the fluctuations in international prices and changes in the local currency.
According to reports in local media, petrol prices are expected to see a reduction of up to Rs10 per liter due to a decline in global prices, the appreciation of the local rupee, and a decrease in the premium on petroleum products.
As of early January, the current petrol price in Pakistan is Rs267.34 per liter, and diesel is priced at Rs276.21 per liter. With the anticipated changes, the petrol rate is expected to drop to Rs257-260 from January.
International rates of petroleum products have decreased over the last two weeks, and the local currency has strengthened against the greenback. Additionally, the premium on the procurement of petrol has been reduced.
Petrol rates have dropped by more than a dollar, going from $84.50 to $83 per barrel in the past couple of weeks, while diesel has seen a negative trajectory.
In addition to the changes in crude prices, the Pakistani rupee has appreciated against the greenback, currently hovering around Rs280.
Last year, the interim government set a target to collect Rs869 billion in petroleum levy during FY 24, but experts suggest it could surpass Rs900 billion by the end of June.