Islamabad, March 14, 2024 – Pakistan gears up for the announcement of petroleum prices scheduled for Friday, March 15, 2024, marking the commencement of the second half of March 2024.
Experts anticipate that the federal government might maintain the ex-depot prices of petroleum products, effective from March 16 to March 31, 2024, unchanged, attributing this stability to the advent of the holy month of Ramadan.
According to market analysis, slight adjustments are anticipated in all four petroleum products owing to a notable premium on petrol and a marginal uptick in global fuel prices. The international price of Brent crude has remained steady at approximately $81 per barrel since the onset of March 1, 2024.
Based on estimates from oil marketing companies (OMCs), factoring in current government taxes, the Inland Freight Equalization Margin (IFEM) is pegged at Rs7.01 per liter and Rs3.76 per liter on High-Speed Diesel (HSD).
The anticipated increase in petrol price stands at Rs1.07 per liter, primarily influenced by a heightened premium of $12.15 per barrel compared to the preceding fortnight’s $10.48 per barrel, reflecting a $1.6 per barrel escalation. The suggested adjustment in petrol price would elevate it from the current Rs279.75 to Rs280.82 per liter.
Conversely, other petroleum products are projected to witness marginal decreases. The estimated price reduction for High-Speed Diesel (HSD) is 82 paisa, translating from Rs287.33 to Rs286.51 per liter. The premium on HSD remains consistent at $6.50 per barrel, maintaining parity with the previous fortnight.
Similarly, the anticipated decline in the price of kerosene oil is 94 paisa, from Rs190.01 to Rs189.07 per liter. Additionally, the projected rate for Light Diesel Oil (LDO) is anticipated to decrease by Rs1.56 per liter, transitioning from Rs170.27 to Rs168.71 per liter.
These projections come amidst a backdrop of global market dynamics and domestic economic considerations. Pakistan, like many nations, navigates the intricate balance of ensuring energy affordability for its citizens while responding to fluctuations in the global oil market.
The forthcoming announcement of petroleum prices carries significance for various sectors of the economy, influencing transportation costs, industrial operations, and household budgets nationwide.
As Pakistan awaits the official declaration of petroleum prices for the latter half of March 2024, stakeholders remain vigilant, mindful of the implications these adjustments may hold for both the domestic market and the broader economic landscape.
With anticipation mounting, all eyes are set on the impending announcement, poised to shape the trajectory of the country’s energy sector in the weeks ahead.
