Overview
The general election of Pakistan has been scheduled for 8 February 2024. Before the general election petrol price decision for 15 days will be announced. Because government is following 15 days decision of petrol rate for a long time. The next petrol price decision date is 1st February 2024 and we are expecting a increase petrol price decision this time. however, it has not been decided yet.
Pakistan’s current economic situation is not stable. The economy is facing tough challenges for a long time. The dollar instability against the rupee value creates big troubles for Pakistan.
How Much Petrol Price Expected To Increase
The final decision will come after the recommendation of the Oil and Gas Regulatory Authority (OGRA) on the hike of the petrol rate. But we are expecting a Rs. 7/liter increase in the current price. The government will announce its decision at midnight on 31st January.
It is the first petrol price hike since November 2023. From 1st November 2023, the government has a stable petrol rate and never announced a single hike in their 6 previous announcements.
Conclusion
The global market faces a huge decline in petrol prices. but we are not receiving the full benefits because of our economic issues. The rise in inflation causes multiple price hikes. The prices of goods are affected due to the uncertainty of the dollar. Meanwhile, transportation costs up and down also create problems for a stable economic position. The government stability is now depend on the decision of general election. After that we can imagine something good for our economy.
