In Karachi, the anticipated reduction in petrol prices brings a sense of relief to citizens grappling with significant inflationary pressures.

Insiders familiar with the matter disclosed that both gasoline and diesel prices are projected to decrease in the first half of March 2024.

This development is anticipated to provide relief to consumers in Pakistan as global oil prices witness a significant decline. The prices of petroleum products are likely to increase due to the decrease in international oil prices and the establishment of a new government.

From March 1 onwards, prices of all petroleum products, including petrol and high-speed diesel (HSD), may decrease by approximately Rs 7–10 per liter for the subsequent two weeks.

The current government has not made any decisions regarding changes in fuel prices. The final decision regarding the prices for the first half of March 2024 will be made on the night of February 29. It is anticipated that petrol prices will decrease by approximately Rs 7 per liter during this period.

Petrol Price in Pakistan

As of February 26, Brent crude declined to $81.27 per barrel, while US West Texas Intermediate crude futures (WTI) dropped by 0.5 percent to $76.14 per barrel.

The decline in oil prices began last week, propelled by the strengthening of the US dollar.

Market sentiment has shifted due to expectations of prolonged interest rates, leading to a rise in the value of the US dollar and exerting pressure on commodity prices.

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Since November of last year, oil prices have been oscillating between $70 and $90 per barrel, influenced by several factors such as increased US supply and uncertainties regarding demand in Beijing. These fluctuations persist despite ongoing supply adjustments by OPEC+ and geopolitical tensions.

In mid-February, the outgoing government implemented another increase in petrol prices by Rs2.71 per liter and high-speed diesel (HSD) by Rs8.73 per liter.