Govt Likely to Keep Petroleum Prices Unchanged

The caretaker federal government is likely to keep the petroleum prices unchanged in the first fortnight of January 2024. There has been little change in the exchange rate from Dec 15 till now while the international oil prices have largely remained in a narrow band as well. There is a slight chance that the price would see a marginal shift but it is more likely that the prices would be retained. It is pertinent to mention here that at the last fortnightly review of petroleum prices on Dec 15, the price of petrol was reduced by Rs. 14 per liter while the price of high-speed diesel was cut by Rs. 13.50 per liter. The prices of kerosene and light diesel oil were also reduced by Rs. 10.14 and Rs. 11.29 per liter respectively. Petroleum prices in Pakistan have remained high for much of the current fiscal year with petroleum group imports witnessing a negative growth of 16.19 percent during the first five months (July-November) of FY24, according to data released by the Pakistan Bureau of Statistics (PBS).