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Friday, July 19, 2024

Government Considers Substantial Petrol Price Cut

Pakistan's government considers a significant petrol price cut amid geopolitical tensions and security concerns, aligning with international oil trends and strengthening the local currency.

The federal government is contemplating a significant reduction in petrol prices, considering a decrease of Rs5 per litre effective January 16, 2024. The Oil and Gas Regulatory Authority (OGRA) has proposed adjustments of Rs2 for diesel, Rs3 for kerosene oil, and Rs1.75 for LSD. The final decision, scheduled for January 15, aligns with OGRA’s recommendation, taking into account the prevailing international oil prices.

As of the first half of January 2024, current prices for petrol and diesel in Pakistan stand at Rs267.34 and Rs276.21, respectively. The government aims to align the adjustments with the ongoing international market trends and address the recent surge in terrorist attacks.

Official sources reveal potential reductions, with petrol anticipated to decrease by Rs5.32 per litre, maintaining stability in high-speed diesel (HSD) prices. Kerosene oil might witness a decrease of Rs3.29 per litre, while the local jet pilot fuel (JP-1) could plunge by Rs3.29 per litre. The finalized adjustments will be announced on January 16, with petrol prices expected to drop to Rs262.02 per litre.

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