As February 1, 2024 approaches, there’s a looming concern for Pakistani consumers as global oil prices continue to rise, hinting at a potential significant increase in petrol prices. The upcoming biweekly review, scheduled for January 31, is anticipated to disclose a potential surge of Rs9 per litre for both petrol and diesel across the nation.
This particular review holds noteworthy importance as it marks the last evaluation before the general elections slated for February 8. The preceding review on January 15 saw the Oil and Gas Regulatory Authority (OGRA) announcing a substantial reduction of Rs8 per litre in petrol prices, providing temporary relief to consumers.
As of now, the current petrol price in Pakistan stands at Rs259.34 per litre, a figure subject to change pending the forthcoming review. If the anticipated increase of Rs9 per litre materializes, consumers may witness a new petrol price of Rs268.34 from February 1 to February 15, awaiting the official government announcement.
The potential surge in petrol prices has triggered concerns among consumers, businesses, and policymakers alike, particularly given the proximity of the upcoming general elections. The fluctuating global oil prices and their subsequent impact on local fuel rates have become a crucial factor in shaping economic sentiments and influencing voters’ perceptions.
Industry experts suggest that the trajectory of global oil prices, geopolitical factors, and currency exchange rates will significantly influence the local fuel market in the coming weeks. While the biweekly review aims to strike a balance between economic stability and consumer interests, the impending price adjustment raises questions about the overall economic landscape.
Consumers are advised to stay informed about the evolving situation and be prepared for potential changes in their monthly budget due to the anticipated increase in petrol prices. Additionally, the government’s response to these economic challenges will likely play a role in shaping public opinion as the nation approaches a crucial electoral moment.
