Petrol price remains unchanged for next two weeks

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The caretaker government in Islamabad on Sunday decided to maintain the petrol price at Rs267.34 per litre for the next two weeks, until January 15, as part of its campaign to maintain the price pressure on prices.

As per a notification, the Finance Department stated: “The government of Pakistan has decided to maintain the current prices of petrol and high speed diesel during the fortnight beginning 1st January, 2024, as recommended by the Oil and Gas Regulatory Authority (Ogra).

Various products Price at present New price Increase/Decrease
Petrol Rs267.34 Rs267.34
High Speed Diesel (HSD) Rs276.21 Rs276.21
Kerosene oil Rs191.02 Rs188.83 Rs2.19
Light diesel oil Rs164.64 Rs165.75 Rs1.11

It should be noted that the price of Kerosene oil has now been revised down to Rs188.83 after a reduction of Rs2.19 per litre, whereas the price of Light Diesel oil has been increased by Rs1.11 as a result of the government’s announcement to increase the price of crude oil.

According to analysts in the oil sector, low oil prices and a slight fall in the dollar rate were the key aspects of the last fortnight for global crude prices. Experts in the oil sector view that crude prices have not fluctuated significantly either during this period.

In order to meet its demand for petroleum products, Pakistan relies heavily on imports, with more than 70% of its petroleum demands being met by imports. During the month of November 2023, there was an increase of 5.76% in the country’s petroleum group import bill as compared to November 2022. The bill for the same period last year was $1.25 billion, while this year’s bill stands at $1.32 billion, indicating that the country’s oil costs have steadily increased over the past year.

As of November 2023, petroleum products accounted for 29.76% of all imports, which is higher than the previous month’s figure.

In the first quarter of this fiscal year, the increase in the price of petroleum products led to a significant drop in the amount of petroleum products consumed. As a result of stabilised or even decreasing prices for petroleum products during the second quarter of this year, consumption of petroleum products increased in November as a result.

That news provided by timenews.

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