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Big relief in petrol price expected as govt announces December fuel rates today

01:14 PM | 30 Nov, 2023
petrol price in pakistan
Source: File Photo

KARACHI – Pakistan's interim government is expected to slash petrol prices to pass on relief in global oil prices to inflation-weary Pakistanis. 

Reports in local media suggest that petrol prices will move down by up to Rs20 per litre for the next two weeks. The price of Diesel, Kerosene and other POLs will follow the trend too.

The relief for Pakistanis on petrol prices comes amid a drop in global oil prices.

Meanwhile, people who are paying record prices are closely watching this anticipated change, with millions hoping for relief on fuel, especially considering the economic meltdown.

In major metrpolises like Lahore, Karachi and Islamabad, petrol prices influence daily expenses due to extraordinary commuting distances, and a drop in fuel prices will give some breathing room to distressed masses.

Globally, oil prices moved down below $75 a barrel in mid-November in the wake of concerns about leisurely global economic growth, especially in China. In late November 2023, WTI crude traded at $76.5 a barrel, with drop of around 7pc as compared to October 29.

Brent also remained under pressure, moving down by 5.4 percent in the past month, trading at $86.35 a barrel this week.

With the expected revision in fuel price, the expected price is said to be around Rs260 in Pakistan.

Daily Pakistan Global Web Desk

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Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 20 Feb 2024

Pakistani currency remained largely stable against US dollar and other currencies in the open market on February 20, 2024 (Tuesday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.05 for buying and 282.1 for selling.

On Tuesday, Euro stands at 301 for buying and 304 for selling while British Pound rate stands at 352.4 for buying, and 355.4 for selling.

UAE Dirham AED hovers at 76.55 whereas the Saudi Riyal saw slight increase, with new rates at 74.2.

Today’s currency exchange rates in Pakistan - 20 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.05 282.1
Euro EUR 301 304
UK Pound Sterling GBP 352.4 355.4
U.A.E Dirham AED 76.55 77.25
Saudi Riyal SAR 74.2 75
Australian Dollar AUD 180 182
Bahrain Dinar BHD 743.12 751.12
Canadian Dollar CAD 206.5 208.5
China Yuan CNY 38.84 39.24
Danish Krone DKK 40.24 40.64
Hong Kong Dollar HKD 35.74 36.09
Indian Rupee INR 3.48 3.59
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 906.33 915.33
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 170.1 172.1
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 725.75 733.75
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 207
Swedish Korona SEK 26.85 27.15
Swiss Franc CHF 315.64 318.14
Thai Bhat THB 7.93 8.08

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