The new year brings a sigh of relief for the masses as the petroleum prices will remain changed for another 15-days.
The government announced on the eve of new year as part of its fortnight exercise of prices review.
The decision will definitely be helpful in curbing the inflation for a short term if its prices remains same for coming months.
“The government has decided to maintain the current prices of Petrol and High Speed Diesel (HSD) during the fortnight starting from 1st January, 2024, as recommended by Oil and Gas RegulatoryAuthority(OGRA),” said an official statement issued here.
It said the prices of Kerosene oil has been reduced by Rs 2.19 per liter, while the price of light diesel has been increased by Rs1.11 per liter.
According to the media reports, internationally, Brent prices have fluctuated between $77.95 and $81.07 per barrel since December 16, 2023. In the last review, the government applied an exchange rate of Rs284.28 to a US dollar.
They said concerns over potential drone and missile attacks by the Houthis have led companies transporting crude oil to reroute some tankers away from the Red Sea. This strategic adjustment is expected to cause delays and additional costs for the journeys, exerting upward pressure on oil prices.
Data from the Pakistan Bureau of Statistics (PBS) reveals a 29% decline in refined products’ imports to $499 million in November 2023 compared to $708 million in the previous year. In contrast, crude oil imports increased by 4% to $566 million from $546 million in the same month last year.
