**Detailed Timeline of Petrol Price Fluctuations in Pakistan for 2024**
The fluctuations in petrol prices in Pakistan have consistently drawn considerable public attention and discussion, given their immediate influence on living expenses and the national economy. The year 2024 proved to be no different, with variations in the global oil market, exchange rate instabilities, and national economic strategies continually shaping fuel costs within the country. This text delivers a detailed timeline of petrol price fluctuations in Pakistan for 2024, outlining the reasons behind each modification and its consequences.
—
### **January 2024: A Fresh Start, A Fresh Change**
The new year commenced with the government’s declaration of a modest increase in petrol prices. On **January 1, 2024**, petrol’s price was lifted by **PKR 5 per liter**, raising the total to **PKR 275 per liter**. This change was linked to escalating global crude oil prices, which had reached $85 per barrel in late December 2023. Moreover, the depreciation of the Pakistani Rupee (PKR) relative to the US Dollar exacerbated the expenses associated with fuel imports.
**Impact:** The increase led to public discontent, prompting transport operators to hike fares and businesses to transfer the extra costs to consumers. Inflationary pressures were anticipated to escalate in the first quarter of the year.
—
### **February 2024: Relief Amid Global Equilibrium**
In an unusual decision, the government declared a **PKR 10 per liter decrease** in petrol prices on **February 15, 2024**, lowering the price to **PKR 265 per liter**. This measure followed a minor drop in global crude oil prices, which fell to $78 per barrel, alongside a temporary stabilization of the PKR against the US Dollar.
**Impact:** The price reduction offered some relief to consumers and businesses, alleviating inflationary pressures. Transport fares were slightly decreased, and public sentiment improved.
—
### **March 2024: An Unexpected Rise**
The relief was brief, as petrol prices skyrocketed again on **March 31, 2024**, with an increase of **PKR 12 per liter**, pushing the cost to **PKR 277 per liter**. The government attributed this adjustment to a rebound in global oil prices, which surged back to $90 per barrel, in conjunction with rising import costs driven by a widening trade deficit.
**Impact:** The hike reignited public demonstrations and criticism from opposition parties, who accused the government of economic mismanagement. Transport fares were raised once again, and inflationary pressures resumed.
—
### **May 2024: Mid-Year Adjustments**
In May, the government instituted a **PKR 8 per liter increase** on **May 10, 2024**, elevating petrol prices to **PKR 285 per liter**. This change was part of the government’s strategy to achieve revenue targets as per its agreement with the International Monetary Fund (IMF), necessitating higher petroleum levies.
**Impact:** The increase put further pressure on household finances, causing food and transportation costs to rise. The business sector voiced concerns regarding the repercussions for production expenses and overall competitiveness.
—
### **July 2024: Fiscal Measures and Price Consistency**
Following the federal budget announcement for the fiscal year 2024-25, the government kept petrol prices steady at **PKR 285 per liter** throughout July. This decision aimed to prevent additional public backlash while implementing other revenue-generating tactics, including enhanced taxes on luxury items.
**Impact:** Although the consistency in petrol prices was acknowledged, the overall cost of living remained elevated due to broader inflationary trends.
—
### **September 2024: A Slight Decrease**
On **September 1, 2024**, the government declared a **PKR 5 per liter reduction**, lowering petrol prices to **PKR 280 per liter**. This decision was linked to a temporary decrease in global crude oil prices and efforts to provide relief to the public prior to the winter season.
**Impact:** The reduction was perceived as a favorable move, yet critics argued that it was inadequate to counterbalance the cumulative effect of previous price increases. Transporters and businesses were slow to reflect the benefits to consumers.
—
### **November 2024: Pre-Winter Increase**
As the winter season approached, petrol prices were raised by **PKR 7 per liter** on **November 20, 2024**, bringing the total to **PKR 287 per liter**. The government pointed to an uptick in global demand for heating oil and a slight depreciation of the PKR as the key reasons for the increase.
**Impact:** This hike intensified the financial strain on households, especially as energy expenses also rose during the winter months. Public discontent grew, with calls for increased transparency in fuel pricing mechanisms.
—
### **December 2024: Conclusion of the Year**
The year concluded with petrol prices remaining stable at **PKR 287 per liter**. The
