ISLAMABAD – The government is set to announce new petrol prices for the first half of January 2024 but there is not much room for further reduction in petrol prices.
Reports in local media said surge in global crude rates hampered the chances of any further reduction in fuel prices. It said prices of petrol and kerosene oil are likely to go down by only Rs1 per litre from January 1, 2024.
Meanwhile, the prices of diesel and light diesel may witness an increase by upto Rs2 per litre. Currently, the government is charging Rs60 per litre petroleum levy on POLs.
It was reported that attacks on oil vessel in Red Sea could further delay the supply of fuel and with the additional costs, it would further increase pressure on oil rates.
Amid the high fuel prices, the country witnessed 16 percent decline in sale of petroleum products in FY2023.
In the last fortnight review on Dec 15, the interim government slashed petrol prices.
For the last month of 2023, the petrol price in Pakistan stands at Rs267.34 per litre. Hi Octane is being sold at Rs311.88 per litre.
Here’s how much petrol price is likely to go down in Pakistan
