Major hike likely in petrol prices from Feb 1

Petroleum product prices in Pakistan are set to undergo a substantial surge starting February 1, driven by fluctuations in the global oil market and additional charges associated with oil imports, as per a recent report.

The report indicates that the price of petrol may experience an upward adjustment of up to Rs9 per liter, while diesel prices could potentially see an increase of up to Rs6. Presently, petrol is priced at Rs 259.34, and diesel is fixed at Rs 276.21.

An earlier report had suggested a possible increase of Rs 7 per litre. Petroleum product prices in Pakistan undergo revisions every fortnight, and the next announcement is scheduled for January 31.

Despite a recent Rs8 reduction in petrol prices in January, diesel rates remained unchanged. The fluctuation in these prices is influenced by both international market trends and the exchange rate of the rupee against the US dollar.

While the rupee has appreciated against the dollar in recent weeks and the international market’s petrol prices dropped to $86.5 per barrel (a $3 decrease), diesel prices have increased by $2, reaching $97.5 per barrel.

Given the widespread impact of oil and diesel prices on the Pakistani economy, any adjustments will be closely monitored by consumers and stakeholders alike.

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