ISLAMABAD: After the recent drop in global oil prices, there are concerns as reports suggest that Pakistanis may not see a cut in petrol prices.

Despite the international slump, Pakistani citizens may face the inconvenience of yet another hike in petrol prices, the third consecutive hike in less than two months.

The government is due to reveal new petrol prices by 11.59pm tomorrow (29 February 2024), with the adjustments expected to remain in place for the next two weeks.

Latest reports suggest that the government is considering increasing petrol prices by Rs 3.5 per liter from March 1, 2024.

Currently, petrol is being sold at Rs 275.62 per liter in major cities including Islamabad, Lahore, Gujranwala, Sialkot, Faisalabad, Rawalpindi and Gujrat, considering ex-storage crude oil prices. On the other hand, the price of diesel is Rs 287.33 per litre.

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However, there is a silver lining for diesel consumers as the price of diesel is expected to be stable during this period.

Internationally, oil prices fell on Wednesday, weighed down by the possibility of a delay in US interest rate cuts and a surprise increase in US crude inventories.

These developments offset potential gains from the likely extension of OPEC+ supply cuts.

Brent crude futures were down 0.91 percent at $82.89 a barrel, while US West Texas Intermediate (WTI) futures were down 1.05 percent at $78.04.

Despite this global drop in prices, the masses in Pakistan, already struggling with inflation, may not enjoy the benefits of reduced international oil rates.