Oil Prices Likely to Remain Stable During Ramadan
By
March 15, 2024
The government is considering keeping the prices of petroleum products steady for the next two weeks, starting from March 16 to 31, in an effort to ease the burden on people during Ramadan amidst the ongoing high inflation.
Although petrol prices have seen a slight increase, the rates of other products have decreased. This slight fluctuation is mainly due to changes in global fuel prices and local taxes. The international benchmark crude oil price, Brent, has remained around $81 per barrel since the beginning of March.
If approved, petrol prices might rise by Rs1.07 per litre, while the prices of high-speed diesel, kerosene oil, and light diesel oil are expected to decrease by 82 paisa, 94 paisa, and Rs1.56 per litre respectively.
The government’s decision on petrol prices particularly affects daily commuters and those relying on petrol for vehicles, including motorbikes and cars. High-speed diesel is widely used in transport and agriculture, impacting the cost of goods and services.
Kerosene oil, crucial for cooking in remote areas without access to LPG, and light diesel oil, used in various industries, also play significant roles in people’s daily lives. Keeping these prices stable could provide some relief to consumers, especially during the holy month of Ramadan.
