Islamabad, March 10, 2024 – Pakistan has announced fresh prices of petroleum products from Sunday, March 10, 2024, which will remain applicable till March 15, 2024.
Pakistan has introduced revised petroleum prices effective from Sunday, March 10, 2024, until March 15, 2024, with petrol now priced at Rs 279.75 per liter, as stated by the Finance Division.
In contrast, the Finance Division noted that the price of high-speed diesel will remain steady at Rs 287.33 per liter during this period. This adjustment adheres to the regular 15-day revision cycle, reflecting global oil price trends and the exchange rate of the Pakistani rupee against the US dollar, which has remained stable recently.
This marks the third consecutive petrol price increase under the interim government, expected to be the last before the transition to an elected prime minister later this week. The decision aligns with rising global oil prices attributed to increased demand and ongoing tensions in the Middle East, where about 85% of Pakistan’s oil requirements are imported.
With an inflation rate reaching 28.3% in January, Pakistan faces economic challenges that are further exacerbated by consecutive petrol price hikes, placing a burden on citizens already grappling with the escalating cost of living. The nation’s reliance on global oil markets for 85% of its oil needs exposes it to external factors beyond its control.
As Pakistan transitions to an elected government, the focus shifts to how the new administration addresses economic challenges, especially inflation and energy prices. The recent surge in petrol prices emphasizes the need for robust economic policies capable of mitigating the impact of external market forces and ensuring the welfare of the citizens.
The new government faces the crucial task of steering the country toward economic stability and sustainable growth. The global economic landscape, particularly oil prices, will continue to influence Pakistan’s economic trajectory. Thus, vigilant policy-making is imperative to safeguard the interests of the population and promote a stable and prosperous future.
