What will be Expected fuel prices in Pakistan for Feb 2024?

ISLAMABAD: With the general elections quickly approaching, there’s a chance that Pakistan’s petrol and diesel prices will rise in the upcoming fortnightly review on January 31 for the first half of February.

A report claims that the caretaker government is considering raising the price of gasoline and fuel by Rs 7 per liter between January 31 and February 15.Nonetheless, the recommendation made by the Oil and Gas Regulatory Authority (OGRA) will ultimately determine the outcome. In Pakistan, the price of a litre of gasoline is now Rs259.34, while a litre of high-speed diesel is available for Rs276.21.

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In the event that the government authorizes a seven rupee increase in the price of both goods, petrol will now cost Rs266.34 per litre and diesel Rs283.21 per litre.

Analysts attribute the recent events in the Middle East, especially the Houthi rebels’ attacks on ships in the Red Sea, to the increase in oil prices.

Over the past week, the price of gasoline has increased on the global market from $83 to $89 per barrel, while the price of high-speed diesel has increased from $93 to $97 per barrel. The price of a barrel of crude oil has increased as well, from $76 to $80.

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Notably, there has been a 16% decrease in petroleum product imports in the first five months of the current fiscal year. According to experts, Pakistan’s predicted increase in the price of gasoline and diesel may be lessened by the rupee’s generally stable exchange rate against the US dollar.

The spike might have been more noticeable otherwise. We’ll be closely monitoring the final ruling and any follow-up actions in the next few days.