Fuel prices are subject to daily revisions at 6 a.m. in India. These prices are influenced by several factors including the cost of crude oil, oil marketing companies (OMC) costs, value-added tax (VAT), excise duty, and dealer commission. VAT differs from state to state, which is why fuel prices vary across different states and cities. Excise duty is the same across all states. Fluctuations in fuel prices are caused by global oil prices, currency exchange rates, geopolitical events, and government taxation policies.
In Pakistan, the federal government has announced a reduction in petroleum prices for the next fortnight, effective January 1, 2026. The price of petrol has been cut by Rs10.28 per litre, bringing the new ex-depot rate down to Rs253.17 per litre. The price of high-speed diesel (HSD) has been reduced by Rs8.57 per litre to Rs257.08 per litre. The price revision follows recommendations from the Oil and Gas Regulatory Authority (OGRA) and reflects recent movements in international oil markets.
The government in Jordan has also decided to reduce the prices of petroleum derivatives, including the retail price of kerosene, effective January 1. The decision followed the Fuel Pricing Committee's monthly meeting to set local fuel prices for the period from January 1 to January 31. The government directed that the price of kerosene be lowered to 590 fils per liter, down from 620 fils. The committee also decided to reduce the selling price of 90-octane gasoline to 830 fils per liter, 95-octane gasoline to 1,055 fils per liter, and lower the price of diesel to 645 fils per liter.
Motorists in some areas may see a rollback in pump prices next week. According to the Department of Energy - Oil Industry Management Bureau (DOE-OIMB), gasoline prices may decrease by around P0.50, diesel by around P0.15, and kerosene by around P0.20. The expected rollback is attributed to easing geopolitical risks, expectations of a global oversupply, weak demand expectations in major consumers such as China, as well as OPEC+ policy and market balance.
