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Petroleum product prices in Pakistan are poised for a significant increase starting February 1, owing to fluctuations in the international oil market and additional charges related to oil imports, according to a recent report.
The report suggests that the price of petrol may witness an upward adjustment of up to Rs9 per litre, while diesel prices could potentially see an increase of up to Rs6. Presently, the cost of petrol stands at Rs259.34, and diesel is fixed at Rs276.21.
An earlier report had hinted at a possible increase of Rs7 per litre. The prices of petroleum products in Pakistan are subject to revision every fortnight, with the next announcement scheduled for January 31.
Despite a recent Rs8 reduction in petrol prices in Pakistan in January, diesel rates remained unchanged. The fluctuation in these prices is influenced by both international market trends and the exchange rate of the rupee against the US dollar.
Although the rupee has appreciated against the dollar in recent weeks, with the price of petrol in the international market dropping to $86.5 per barrel (a $3 decrease), diesel prices have increased by $2, reaching $97.5 per barrel.
Given the widespread impact of oil and diesel prices on the Pakistani economy, any adjustments will be closely watched by consumers and stakeholders alike.