The caretaker federal government has announced no change in petrol and diesel price in Pakistan. The prices will remain the same till January 15, 2024. In a notification, the Finance Division said: “The government of Pakistan has decided to maintain the current prices of petrol and high-speed diesel (HSD) during the fortnight starting January 1, 2024.” The recommendation to maintain the rates was given by the Oil and Gas Regulatory Authority (OGRA).

Meanwhile, kerosene oil saw a reduction of Rs. 2.19, taking the price to Rs. 188.83 instead of Rs. 191.02. The price of light-speed diesel (LDO) was increased by Rs. 1.11, meaning it will now cost Rs. 165.75 compared to the old rate of Rs. 164.64.

Pakistan and Import Oil 

Pakistan relies heavily on import oil as the country imports 70% of petroleum goods to meet local demand. In November 2023, the country saw a 5.76% year-on-year increase in petroleum goods import bill, taking it to $1.32 billion from $1.25 billion in the same period last year. This indicated a steady rise in imports and the country’s expenditure.

Last year, Pakistan witnessed the highest-ever petrol and diesel price in Pakistan, with petrol reaching Rs. 331/liter in September. We did a detailed blog on petroleum goods prices in the country in 2023, and you can read it here. During the first quarter of 2023, the high prices led to low consumption of fuel; however, the second quarter observed relative stability in the prices, even a decrease of prices, hinting stabler circumstances. 

Economic and political stability is essential for Pakistan to maintain affordable prices. Hopefully, 2024 will be a more stable year for the country’s economy, and the masses could sigh relief.

What is your take on current petrol and diesel prices in Pakistan? Please tell us in the comments section.