New Year Gift: Major Drop in Petrol Prices Expected Tonight
Carr.pk
As a new year gift, petroleum prices are projected to decrease at midnight today, effective from January 1, 2025, subject to government approval.
According to a source, a reduction of Rs. 9.16 per liter for petrol, bringing the price to approximately Rs. 254.29 per liter. High-Speed Diesel (HSD) is expected to drop by Rs. 9.96 per liter to Rs. 255.69.
See the table for reference:
| Fuel Type | Current Price | Expected Decrease | New Price (Projected) |
| Petrol (MS) | Rs. 263.45 | ↓ Rs. 9.16 | Rs. 254.29 |
| Diesel (HSD) | Rs. 265.65 | ↓ Rs. 9.96 | Rs. 255.69 |
Why Petrol Prices Will Reduce Today?
Three key factors are driving the price reduction:
- Global Oil Drop: International crude prices (Arab Light) fell by 2.5%, from $63.69 to $62.10 per barrel.
- Cheaper Refined Products: International market prices for petrol and diesel dropped significantly by 7.0% and 5.8%, respectively.
- Stable Currency: The PKR remained stable against the US Dollar (varying only 0.1%), ensuring the benefit of lower global oil prices wasn’t lost to devaluation.
However, while not reflected in the above prediction, the decline in ex-refinery prices is likely to be used to raise OMC margins by approximately Rs. 0.61 per liter (if approved). Read our previous report to know more about this case.
