Petrol price in Pakistan has remained unchanged for the next fortnight. According to a notification by the finance ministry, the price of petrol stays at Rs. 252.10/liter. Meanwhile, the price of high-speed diesel was dropped by Rs. 3.05, taking the rate to Rs. 255.38/liter from previous Rs. 258.43/liter. The new prices will be applicable from December 16, 2024.
Earlier Reports on Petrol Price in Pakistan
According to recent earlier media reports, a modest increase of Rs. 0.81 per liter was proposed for petrol, while diesel prices were expected to decrease by Rs. 3.94 per liter. These adjustments were primarily influenced by the volatile international market, particularly due to the ongoing geopolitical tensions in Syria.
Currently, the global market is characterized by abundant supply and subdued demand, which could potentially lead to more favorable pricing. However, any unforeseen geopolitical developments or changes in global economic conditions could alter this outlook.
Post the proposed revision, petrol is projected to be priced at Rs. 252.92 per liter, while diesel may settle at Rs. 254.53 per liter. It’s worth noting that in the previous fortnightly review, petrol prices increased by Rs. 3.72 per liter, and diesel prices rose by Rs. 3.29 per liter.
Impact On Consumers
The impact of these price changes will be felt across various sectors of the economy. Petrol, primarily used in private vehicles, small vehicles, rickshaws, and two-wheelers, will directly affect the budgets of middle and lower-middle-class individuals. The increase in petrol prices could lead to higher transportation costs, potentially impacting the overall cost of living.
On the other hand, the reduction in diesel prices could bring some relief to the transportation sector, including heavy goods vehicles, trucks, buses, trains, and agricultural machinery. Lower diesel prices could reduce transportation costs for businesses and farmers, potentially leading to lower prices for goods and commodities.
However, it’s important to note that the impact of these price changes on the overall economy will depend on a variety of factors, including the government’s fiscal policies, monetary policies, and overall economic conditions.
