Petrol price in Pakistan – In mid-January 2024, it’s expected that the petrol prices in Pakistan will decreases. This is because the global prices of crude oil have been decreasing, and the exchange rates for the dollar have also been going down.
Reports from around the world show that crude oil prices dropped significantly, but lately, they have started going up again. For example, British Brent crude oil is now $77 per barrel, American West Texas Intermediate crude oil is $71 per barrel, and Russian crude oil is also at $71 per barrel.
Saudi Arabia has even lowered the price of crude oil by more than one percent, bringing oil prices to their lowest in 27 months.
However, the Pakistani Rupee is not doing well against the American dollar. In the past month, its value has fallen from less than 288 Rupees to as low as 280 Rupees.
Experts say that if the US dollar stays the same or decreases by January 15, and there’s no big change in crude oil prices, we might see a moderate reduction in petrol prices in Pakistan by Rs 4 to Rs 5 per liter from January 16.
The final decision about the prices will be made on January 15, based on approval from Prime Minister Imran Khan and recommendations from Finance Minister Shaukat Tareen.
It’s worth noting that even though the dollar’s value went down on January 1st and there was a chance of global crude oil prices going down, the government chose to keep the petrol price the same.
