In Islamabad, the caretaker federal government has made a decision regarding the petrol prices. The government has opted to maintain the current price of petrol at Rs267.34 per litre until January 15.

The Finance Division issued a notification to announce this decision on Sunday. According to the notification, the government of Pakistan has chosen to keep the prices of petrol and high-speed diesel unchanged for the next fortnight, starting from January 1, 2024.

This decision aligns with the recommendations put forth by the Oil and Gas Regulatory Authority (Ogra). Therefore, consumers can expect the petrol prices to remain steady during this specified period.

Following the adjustment, the cost of Kerosene oil is now Rs188.83, marking a decrease of Rs2.19 per litre. Simultaneously, Light Diesel Oil will be available at Rs165.75, reflecting a government-approved price increase of Rs1.11.

Experts in the oil sector previously noted that global crude prices showed minimal changes in the past two weeks, and the dollar rate remained mostly consistent with a slight reduction.

Pakistan heavily relies on imported petroleum products, satisfying over 70% of its demand through imports. The country experienced a 5.76% year-on-year increase in the petroleum group import bill for November 2023, reaching $1.32 billion compared to $1.25 billion in the same period last year. This points to a continuous rise in the nation’s spending on oil.

In November 2023, petroleum products constituted 29.76% of the total import bill.

The initial quarter of this fiscal year witnessed a decline in consumption due to increased prices of petroleum products. However, the second quarter saw stabilization or even reductions in prices, leading to a boost in consumption in November of the current year.

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