Petrol Prices Set to Rise on March 1st, 2024 in Pakistan
As the calendar flips to March 2024, so too will petrol prices, adding another layer to the already present financial strain felt by many citizens.
Pakistanis are about to experience a fresh wave of rising costs as petrol prices are expected to jump significantly starting March 1st, 2024.
Learn below the expected petrol hike in Pakistan, comparing with the latest petrol prices in Pakistan with the reasons behind this change.
Current Situation
As of March 2024, the caretaker government of Pakistan plans to raise petroleum product prices from 1st, March 2024 following a recent hike in electricity costs. The proposed increases are:
- Petrol: Rs 4.50 per liter
- Diesel: Rs 2.50 per liter
- Kerosene: Rs 2.92 per liter
- Light Diesel Oil (LDO): No change
Note: The new fuel prices will be in effect from March 1st to 15th, 2024 (not officially disclosed). The government will continue to monitor market conditions and may adjust prices further if necessary.
These increases are part of a broader effort to reduce the budget deficit and bring the country closer to its fiscal goals.
Why the Increase?
Mentioned by some analysts, two main factors are driving this increase:
- Global oil price surge: Currently, crude oil sits at $82.52 per barrel, impacting fuel costs globally.
- Electricity price hike: The recent increase in electricity prices adds to the burden on consumers and necessitates adjustments in the petroleum sector.
The planned increase in petrol prices shows the complex interplay between global oil prices, domestic policies, and Pakistan's fiscal health.
While consumers will feel the pinch, the government aims to manage the budget deficit and ensure financial stability.
