Petrol and Diesel Prices in Pakistan: Trends and Upcoming Drop
Fuel prices in Pakistan, including petrol and high-speed diesel, may drop by Rs12 per litre from September 16, 2024. This change comes as the global oil market continues to decline. The expected reduction follows a year marked by significant fluctuations in fuel prices in Pakistan. For more updates, visit our Pakistan News section.
Fuel Price Trends in Pakistan Throughout 2024
Throughout 2024, petrol and diesel prices in Pakistan have changed multiple times. At the beginning of the year, the government raised fuel prices by Rs35 per litre. This decision aimed to manage rising import costs and address the country’s fiscal deficits. By March, the prices dropped slightly by Rs5 per litre due to a temporary dip in global oil prices. However, in June, fuel prices rose again by Rs10 per litre as the international market remained volatile and the rupee weakened.
Current Expected Price Drop in September
Now, a further reduction of Rs12 per litre is likely for both petrol and diesel, with kerosene oil expected to drop by Rs8 per litre. This adjustment is a result of the decline in Brent crude oil prices, which recently hit their lowest level since 2021. OPEC+ revised its demand forecast and raised concerns about increased supply, causing the market to shift. More details are available in Reuters’ analysis on global oil prices.
Key Factors Influencing Fuel Prices in 2024
Several factors have influenced fuel prices in Pakistan this year:
1. Global Oil Market Trends: Changes in Brent crude prices, driven by OPEC+ production decisions and fluctuating demand, directly impacted local prices.
2. Currency Depreciation: The Pakistani rupee’s depreciation against the US dollar increased the cost of imported fuel, pushing prices up.
3. Domestic Policies: The government has adjusted prices periodically to manage inflation and maintain fiscal balance.
For a detailed review of these factors, visit The Express Tribune’s economic section.
Outlook for Fuel Prices Moving Forward
While the reduction offers temporary relief, future trends depend on global market dynamics and the stability of the local currency. The government’s ongoing negotiations with international stakeholders will play a crucial role in determining long-term prices. Stay informed on these developments through our Opinions section.
