Islamabad (Khalid Mustafa) The caretaker government may increase petrol prices by Rs 7.85 per liter and high-speed diesel prices by Rs 2.06 per liter in its final adjustment of POL prices from February 1, 2024.
The rise in prices in the first fortnight of next month is mainly attributed to the tension in the Middle East due to the ongoing Israeli attack on Palestinians in Gaza and Houthi attacks on commercial ships.
International markets have reacted strongly to the attacks on ships, which has led to an increase in prices.
In the international market, motor petrol has risen to $6 per barrel and diesel to $3.7 per barrel from January 16, 2024, as international companies have increased their premium on motor spirit and high-speed diesel has increased substantially.
Recent fluctuations in the cost of importing petroleum products as a result of fluctuations in the price of oil globally have affected local retail pricing.
The caretaker government’s major priority are maintaining economic stability and lowering inflationary pressures, particularly with regard to essentials like petroleum.
A fair gas price is intended to ease customer financial strain and promote economic activity, such as logistics and transportation.
