ISLAMABAD – Pakistani government will announce new petrol, and diesel prices for the second half of January 2024 amid fluctuations in international prices and changes in the local currency.
Reports in local media suggest that petrol prices will be reduced by upto Rs10 per liter in light of decline in global prices and appreciation of the local rupee besides a reduction in premium on petroleum products.
As of early January, the current petrol price in Pakistan stands at Rs267.34 per liter while the price of diesel at Rs276.21 per liter.
With the expected changes, the petrol rate will come down to Rs257-260 from January.
Rates of petroleum products moved down internationally in last two weeks while local currency gained against greenback while the premium on procurement of petrol had also come down.
Ratesof petrol plummeted by more than dollar from $84.50 to $83 per barrel in couple of weeks while diesel saw a negative trajectory.
Besides the changes in crude prices, Pakistani rupee also gained against the greenback, currently hovering around Rs280.
Last year, the interim government set target to collect Rs869 billion in petroleum levy during the FY 24 but expert said it could be more than Rs900 billion by the end of June.