Given the volatility of the worldwide market, the departing caretaker setup is probably going to declare the price of fuel and diesel for the second half of February 2024.
The government has no significant respite to provide, just as the populace, sick of inflation, waits for another breath of fresh air.
According to reports in the local media, the caretaker administration would implement another rise on February 16. While petrol prices may see a minor increase over the next two weeks, the price of high-speed diesel (HSD) is expected to climb from Rs 8 per litre starting on February 16.
Concerns regarding more rises in Pakistani fuel prices arose as a result of the global oil market’s spike amid the Middle East’s intensifying tensions. Since early February, the price of a barrel of Brent crude has also increased by almost $1.5, to $83 per barrel.
Customers may witness an increase in diesel rates from the current Rs278.96 to Rs286.97 per litre, and there may also be a modest increase in petrol pricing of 80 paisas per litre.
Due to the widespread use of diesel in agriculture and transportation, the decision will further increase inflation.
The price of light diesel oil (LDO), which is mostly used in industry, may rise by Rs2.50 a litre over the next two weeks to reach Rs169.62.
Considering tax revisions, Pakistan State Oil’s anticipated gasoline consumption, and supply costs, the Oil and Gas Regulatory Authority (OGRA) has not yet finalised its recommendations for fuel prices for the first half of February (PSO).
