There’s speculation circulating that within the next 15 days, the cost of petrol may increase across the country, pending a decision from the Prime Minister’s office. This decision holds significant sway over adjustments to petroleum product prices.
Recent reports from various media outlets indicate a surge in global crude oil prices over the past fortnight. Specifically, Brent crude oil, traded in London, has experienced a notable increase of 2.10%, reaching $83.80 per barrel.
Similarly, US crude oil deals have seen a rise of 1.48%, reaching $79.40 per barrel. These price hikes in international markets often have a direct impact on domestic fuel prices.
The depreciation of the local currency against the dollar has added to the complexity of the situation. A weaker local currency typically means higher import costs for goods priced in foreign currencies, including crude oil. Consequently, discussions have ensued regarding the potential necessity of adjusting petroleum product prices within the country.
Sources close to the matter have suggested a proposal to incrementally raise the price of one liter of petrol by Rs. 1. This proposed adjustment reflects the prevailing economic conditions and the need to balance the costs associated with fuel imports against domestic consumer affordability.
The final decision on whether to implement these changes is anticipated to be announced on the night of March 15. This decision-making process involves careful consideration of various factors, including international market dynamics, domestic economic conditions, and the impact on consumers and businesses alike.
The aim is to strike a balance between ensuring the sustainability of the fuel supply chain and mitigating any adverse effects on the broader economy and society.
