Prices for Petrol and Diesel in Pakistan Are Likely to Rise on February 1st
A potential price hike for gasoline and diesel is a concern as Pakistan gets ready for the general elections that are scheduled for February 8. Although the Prime Minister Anwaarul Haq Kakar’s interim government has been lowering gas prices, there is currently discussion of a large increase of Rs 7 per litre.
In the event that this proposal is approved, prices for gasoline and diesel will rise for the first time since November 1, 2023. Experts believe that this is a unique case, connecting the possible price increase to global events that have just occurred.
Global oil prices have increased as a result of Houthi rebel attacks on tankers in the Red Sea. The government reduced the price of gasoline by Rs 8 per litre on January 15, but the price of high-speed diesel remained unchanged for the following two weeks.
According to the finance ministry, the decision to relieve the public’s financial strain, particularly at this delicate moment, was agreed by the acting prime minister.
Following this reduction, the price per litre for gasoline is now Rs 259.34, and the price per litre for high-speed diesel is Rs 276.21. The price of gasoline jumped from $83 to $89 per barrel on the international market last week, while the price of high-speed diesel increased from $93 to $97 per barrel. Because of the turmoil in the Middle East, crude oil prices increased globally, from $76 to $80 per barrel.
Experts predict that Pakistan’s petrol and diesel prices will be mostly unaffected by the recent spike in oil prices worldwide. This is due to the Pakistani rupee’s stability versus the US dollar, which mitigates the risk of an increase in the price of petroleum products. According to analysts, there might have been a more notable price increase in the absence of this stabilizing effect.
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