Islamabad () Ogra has sent the summary to the government regarding the changes in the prices of petroleum products. According to media reports, Ogra has sent a summary to the government regarding the announcement of new prices of petroleum products. After approval, the new prices will be applicable from January 16, 2024. Sources say that the government is proposing to reduce the price of petrol by Rs 5 per litre, the price of high-speed diesel is likely to increase by Rs 2 per litre, and the government is proposing to make kerosene cheaper by Rs 3 per litre. While the price of light speed diesel is expected to decrease by one rupee 75 paise.
Experts say petroleum product prices are likely to fall significantly in early 2024 due to lower demand and higher oil production due to a weak global economy and rising crude oil inventories in the US. Crude oil prices have decreased in November and December.
Analysts watching the market said that while crude oil supply currently exceeds demand, for the first half of 2024 we expect Brent to range from $60 to $65 per barrel to $85 to $90 per barrel. However, only geopolitical tensions in the Middle East can boost oil prices, otherwise oil prices are likely to fall significantly.
Also, people associated with the currency market in Pakistan have predicted a significant depreciation of the dollar against the rupee in the near future, with the IMF approving the next loan tranche on the 11th of this month. Dollar is likely to depreciate, the dollar may fall to Rs 277 or below. NNI News reports that the rupee appreciated last week and closed at 281.40 to the dollar on Friday, a high of 307 to the dollar on September 5, but due to a crackdown by the government and security agencies. Its price continued to decrease and it reached 277 in October, after which the price increased slightly and reached 288.
