In the lead-up to the upcoming general elections on February 8, Pakistan finds itself at a crucial juncture regarding petrol prices. Under the leadership of Prime Minister Anwaarul Haq Kakar, the caretaker government is contemplating a significant increase of Rs 7 per litre, potentially marking the first uptick in petrol and diesel prices since November 1, 2023.
Sources reveal that after a series of consecutive reductions in petroleum prices, the caretaker government is considering this substantial increase. Geopolitical events, particularly the attacks on ships in the Red Sea by Houthi rebels in the Middle East, have contributed to a notable increase in global oil prices.
Current Petrol price in pakistan
| Fuel Type | Current Rates |
| Petrol | Rs259.34 |
| Diesel | Rs276.21 |
Global Oil Market Impact
In the past week alone, the international market witnessed a surge in petrol price from $83 to $89 per barrel. High-speed diesel prices also saw an increase from $93 to $97 per barrel, contributing to an overall crude oil price uptick from $76 to $80 per barrel. The unrest in the Middle East has significantly influenced this surge, affecting oil prices worldwide.
Rupee Stability Mitigates Impact
Despite the global surge in oil prices, experts anticipate a relatively moderate impact on petrol and diesel prices in Pakistan. The stabilization of the Pakistani rupee against the US dollar is cited as a mitigating factor. Analysts suggest that without this stabilizing influence, the increase in petroleum product prices could have been more pronounced.
As Pakistan navigates through these challenges, it’s crucial to understand the complex interplay of factors influencing petrol prices. Stay tuned for further updates on this dynamic situation.