Unpredictable petrol price in Pakistan

Petrol is a necessity with relatively stable demand. Pakistan imports petroleum products, so the price of fuel is influenced by the shifting global market and Pakistan’s exchange rate. Recently, there was an unanticipated increase in global prices due to the scarcity of petroleum products and their unprecedented price growth on the global market.

Finance Minister Ishaq Dar announced the rise in petrol prices

In a televised address on Sunday morning, just minutes before the new prices went out, Finance Minister Ishaq Dar announced a Rs. 35 increase in the price of petrol and diesel.

He claimed that social media was rife with rumors of a Rs. 50 increase in the cost of petrol and diesel. Because of this, we have received reports of artificial shortages in the market.

On the direction of Prime Minister Shehbaz Sharif, it’s been decided to raise the minimum price of these four products despite rising international prices and the depreciating rupee.

The government has decided to raise the cost of petrol and diesel by 35 rupees. Kerosene oil and light diesel oil prices have increased by Rs. 18, according to Dar, who also noted that the new prices will take effect at 11 a.m. today.

New Fuel prices from Jan 29, 2023

By February, petrol prices will rise even higher

The increase in the price of petroleum was “in line with expectations,” according to Fahad Raud, head of equities at Ismail Iqbal Securities.

Since it doesn’t account for the most recent depreciation in the exchange rate, this is only a partial increase.

However, sources in the oil industry acknowledged that even though the government was reluctant to raise the GST on petroleum prices because doing so would cost it politically, petroleum prices were still expected to rise in the upcoming fortnight review.

They added that the price increases might get even worse in the upcoming biweekly review, which is due on February 15.

For more updates visit www.almeraajmarketing.com