The petrol price in Pakistan is anticipated to decrease from the mid of January 2024, influenced by changes in international oil prices.
After a continuous decline in the prices of crude oil in the global market and a consistent decrease in the interbank exchange rates of the dollar, the possibility of a reduction in the prices of petroleum products from January 16 has emerged.
According to international media reports, there was a significant decrease in the prices of crude oil in the global market, but now a series of increases is ongoing. The price of British Brent crude oil reached $77 per barrel, the price of American West Texas Intermediate crude oil was $71 per barrel, and the price of Russian crude oil reached $71 per barrel.
"The Saudi Arabia has reduced the price of crude oil by more than one percent, and as a result, the oil prices have reached their lowest level in 27 months.
On the other hand, the Pakistani Rupee continues to depreciate against the American currency, experiencing a consistent decline. During the past month, its value has dropped from less than 288 Rupees to as low as 280 Rupees."
January petrol price in Pakistan (expected)
According to economic analysts, if the value of the US dollar remains stable or experiences a decrease by January 15, and there is no significant change in the price of crude oil, there could be a moderate reduction in the prices of petroleum products in Pakistan by Rs 4 to Rs 5 per liter starting from January 16.The final decision regarding the price adjustments will be made on January 15, based on the approval of Prime Minister Imran Khan and a summary presented in the light of the Finance Minister Shaukat Tareen's recommendations.
Keep in mind that despite the declining value of the dollar on January 1st and a potential decrease in global crude oil prices, there was an indication of a possible reduction in the prices of petroleum products. However, the government opted to maintain the price of petrol.
