ISLAMABAD – Pakistan’s interim government is expected to announce another cut in petrol, and diesel for the second half of January amid fluctuations in international prices and changes in the local currency.
It was reported that the caretaker setup will reduce petrol and diesel prices by up to Rs10 per litre in the upcoming fortnight review.
Local media reports quoting well-informed sources said fusion of lower international prices, and appreication of local currency will help government pass on relief to the inflation-hit people.
Meanwhile, diesel prices are also said to be lower by around Rs2 per litre.
Rates of almost all POLs moved down globally over past fortnight while PKR gained against the greenback while the premium on procurement of petrol had also come down.
In international market, price of petrol plunged by more than dollar from $84.50 to $83 per barrel in couple of weeks while diesel saw negative trjaecrtory.
Amid the fluctuations in global prices, Pakistani rupee gained against the USD, currently hovering around Rs280 from about Rs283.50 in the Dec-23.
With the above-mentioned changes, the petrol price is slated to come lower around Rs9 per litre and that of diesel will be around Rs2 per litre.
In talks with IMF, Pakistani government set target to garner Rs869 billion in petroleum levy during the FY 24 but expert said it could be more than Rs900 billion by the end of June.
Currently, Pakistanis are being charged about Rs82 per litre tax on both petrol and diesel.
Petrol price in Pakistan
|Jan 24 Prices