New petrol price update in Pakistan for December 16

KARACHI: The government is expected to announce the new petrol and diesel prices for the last half of December 2024. According to sources, the prices are likely to see a minor change, with petrol expected to go slightly up and diesel to decrease by around Rs4 per liter since December 16.

This is primarily owing to the variation in international oil prices in the last few days and the enforcement of an Inland Freight Equalization Margin.

Reports suggest that the petrol price is around Rs253 per liter, and the diesel may go down to roughly Rs254.5 per liter. The global oil market has experienced fluctuations recently; the premium for petrol has decreased to $8.84 a barrel.

This will change consumption trends and help the government in realizing its petroleum levy target.

The government’s petroleum levy target has increased sharply to Rs110 billion in November, which is a 19% increase from the previous fiscal year.

The revision in petrol and diesel prices could affect the government’s ability to attain it. With the setting of the new prices now anticipated, all eyes will be on the announcement, which is bound to have a far-reaching effect on the country’s economy and, indeed, the daily lives of the populace.

Expected Petrol Price from December 16