No Change in Petrol and Diesel Prices; Kerosene Reduced

Abdullah

01 Jan 2024

313

No Change in Petrol and Diesel Prices; Kerosene Reduced

The caretaker federal government of Pakistan has declared that there will be no alteration in the prices of petrol and diesel until January 15, 2024. According to a notification from the Finance Division, the decision to uphold the current prices for petrol and high-speed diesel (HSD) for the fortnight starting January 1, 2024, was made by the government. The Oil and Gas Regulatory Authority (OGRA) had recommended maintaining the existing rates.

Fuel Prices Shift: Kerosene Down, Light-Speed Diesel Up

In a recent development, the price of kerosene oil has witnessed a reduction of Rs. 2.19, bringing it down to Rs. 188.83 from the previous rate of Rs. 191.02. On the other hand, the Price of light-speed diesel (LDO) has increased by Rs. 1.11, making it now Rs. 165.75 compared to the earlier rate of Rs. 164.64.

Pakistan's Heavy Reliance on Imported Oil

Pakistan heavily relies on imported oil, with 70% of petroleum goods being imported to meet local demand. In November 2023, the country experienced a 5.76% year-on-year increase in the import bill for petroleum goods, reaching $1.32 billion from $1.25 billion in the corresponding period the previous year. This indicates a consistent rise in imports and the country's overall expenditure.

Reflection on Petroleum Prices in 2023 and Economic Stability

Last year marked the highest-ever Petrol and Diesel prices in Pakistan, with petrol soaring to Rs. 331/liter in September. A detailed blog on petroleum goods prices in the country during 2023 can be found here. The initial quarter of 2023 witnessed reduced fuel consumption due to high prices, but stability and even a decrease in prices were observed in the second quarter, suggesting more stable circumstances.

Economic and Political Stability Crucial for Affordable Prices

Economic and political stability is crucial for Pakistan to maintain affordable petrol and diesel prices. It is hoped that 2024 will bring greater stability to the country's economy, providing relief to the masses.

What are your thoughts on the current petrol and diesel prices in Pakistan? Feel free to share your opinions in the comments section.

Fuel Prices Petrol Prices in Pakistan Diesel Price in Pakistan Fuel Price in Pakistan Petrol and Diesel Kerosene Reduction Economic Update Fuel Market Price Consistency Energy News Kerosene Oil Price in Pakistan Petroleum Update

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