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Expected petrol prices in Pakistan from March 2024

Expected petrol prices in Pakistan from March 2024

Expected petrol prices in Pakistan from March 2024

Expected petrol prices in Pakistan from March 2024

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As a potential relief for Pakistani citizens grappling with the economic strain of inflation, reports suggest that the first half of March 2024 could see a significant drop in petrol and diesel prices.

This change, attributed to a notable decline in global oil prices, has the potential to alleviate the financial burden on urban areas affected by high living expenses.

Global indicators point to a considerable decrease in oil prices, with experts estimating a reduction of approximately 7–10 Pakistani rupees per liter across all petroleum products, including petrol and high-speed diesel (HSD).

This positive adjustment is anticipated to create a favorable economic environment for consumers in Pakistan.

Acknowledging the economic challenges confronting the public, the current government has opted to delay immediate decisions on fuel price adjustments.

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The final decision is scheduled to be announced on the night of February 29, with expectations of a substantial decrease of around 7 rupees per liter in petrol prices for the first half of March 2024.

Expected Petrol Price in Pakistan

As of the current moment, petrol is priced at PKR 275.62, with an expected decrease to PKR 268.70. Meanwhile, diesel, currently at PKR 287.33 per liter, is anticipated to drop to PKR 279.50.

The decline in oil prices, noticeable since the start of last week, is attributed to the strengthening of the US dollar. Market sentiments have shifted as the anticipation of higher interest rates has bolstered the greenback, influencing commodity prices, including oil.

Oil prices have experienced fluctuations between $70-$90 per barrel since November of the previous year, driven by factors such as increased US supply, uncertain demand in Beijing, ongoing OPEC+ supply adjustments, and geopolitical tensions.

In early February, the interim government responded to market dynamics by increasing petrol prices by 2.71 rupees per liter and HSD prices by 8.73 rupees per liter.

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With shifts in the global oil market, Pakistani consumers can anticipate a favorable change in fuel prices for March 2024.

However, these figures and expectations are subject to market dynamics, and the potential decrease in petrol and diesel prices offers hope for citizens confronting economic hardships.

Await the official announcement on February 29 for the final decision on March 2024 fuel prices.

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