Faced with skyrocketing inflation, the citizens of Pakistan can soon breathe a sigh of relief. The fluctuating global oil market suggests a potential decline in domestic gasoline prices.
The international market saw a drop in diesel and gasoline prices by $4.3 and $1.86 per barrel, respectively. This drop could turn into a drop Rs 7.85 and 3.75 Rs in local diesel and gasoline prices. Currently, global prices per barrel are at $104.76 for diesel and $107.16 for gasoline.
Oil industry analysts are predicting a downward trend in global prices of petroleum products, indicating a possible adjustment in local costs. But they also warn of continued volatility in global prices, casting a shadow of uncertainty over the next four to five days.
The government's pricing strategy for petroleum products depends on several factors. These include global oil prices, the value of the local currency, projected fuel consumption and operating costs of state-owned entities such as Pakistan State Oil. Monthly tax goals also play a vital role.
Pakistan, which depends on oil imports for about 85% of its needs, is caught in a balance of payments dilemma and escalating inflation. To meet these economic challenges, the government secured a US$3 billion loan from the International Monetary Fund in July 2023. This agreement calls for the implementation of austerity measures such as tax increases, rising energy costs and the introduction of a market currency. exchange rate.
April 2024 Petrol Price Update in Pakistan
From 15 April 2024, the government has increased the price of petrol by Rs 4.53 per liter to Rs 293.94 per litre. High-speed diesel also saw an increase of Rs 8.14 per liter to Rs 290.38 per litre. However, the expected global decline in prices could soon change these numbers.
