In light of swings in global pricing and shifts in the value of the local currency, the Pakistani government will publish new rates for petrol and diesel for the second half of January 2024.
According to reports in the local media, in addition to a decrease in the premium on petroleum goods, fuel prices may be lowered by up to Rs10 per litre due to a drop in worldwide prices and the strengthening of the currency.
In Pakistan, the cost of gasoline is now Rs 267.34 per litre as of early January, while the cost of diesel is Rs 276.21 per litre.
The anticipated adjustments would cause the price of fuel to drop to Rs 257–260 starting in January.
Over the last two weeks, there has been a decrease in the global rates of petroleum products, a rise in the value of local currency relative to the US dollar, and a decrease in the premium for purchasing fuel.
In a few weeks, the price of gasoline fell by more than $1, from $84.50 to $83 a barrel, while the price of diesel continued to decline.
In addition to fluctuations in the price of petroleum, the Pakistani rupee appreciated vs. the US dollar and is presently trading at about Rs 280.
The interim administration last year set a goal of collecting Rs 869 billion in petroleum levies for FY 24, but analysts predicted the amount may reach over Rs 900 billion by the end of June.
