ISLAMABAD: Pakistan may soon be facing a rise in petrol rates as the price is poised to inflate by nearly PKR 10 per litre in the upcoming fortnightly review of petroleum prices.
According to industry officials, the price of petrol is poised to inflate by nearly PKR 10 per litre due to a surge in international crude prices. This could push the price of petrol up to PKR 289.69 per litre from the current PKR 279.75 per litre, according to estimates from the oil industry, Geo News reported.
On the other hand, the price of high-speed diesel (HSD) is expected to decrease by PKR 1.30 per litre to PKR 284.26 from the current price of PKR 285.86 per litre. Additionally, the price of kerosene is anticipated to see a slight drop of PKR 0.17 per litre to PKR 188.49 per litre from the current price of PKR 188.66 per litre. Similarly, the price of light diesel oil (LDO) is projected to increase by PKR 0.45 per litre to PKR 168.63 from the existing price of PKR 168.18 per litre.
“The local price of petrol will be raised due to a hike in prices in the international market,” said an official. “The international price of petrol jumped to USD 95 per barrel in the last two weeks compared to USD 90 per barrel in the first fortnight of March.”
“The massive change in the petrol price would come because of the rise in the price of petrol in the global market.”
However, there is good news for consumers as the price of HSD is expected to decrease in Pakistan following a global decline. The global price of HSD dropped to USD 98 per barrel recently, down from USD 99 per barrel in the first half of March. This decrease is likely to translate to a reduction of over one rupee in the local price for consumers.
Industry officials highlighted that the stability of the exchange rate over the past four weeks means that the local prices of petroleum products will not be significantly affected. Fuel prices are reviewed every 15 days based on global rates and the exchange rate of the local currency. The rupee slightly strengthened against the US dollar, trading at around 277.94 per dollar on Friday.
The federal government will announce the final prices on Sunday (tomorrow) which will take effect from April 1 (Monday). The petrol prices remained unchanged in the last fortnightly review while the price of HSD decreased by PKR 1.77 per litre.
(With inputs from ANI agency)
According to industry officials, the price of petrol is poised to inflate by nearly PKR 10 per litre due to a surge in international crude prices. This could push the price of petrol up to PKR 289.69 per litre from the current PKR 279.75 per litre, according to estimates from the oil industry, Geo News reported.
On the other hand, the price of high-speed diesel (HSD) is expected to decrease by PKR 1.30 per litre to PKR 284.26 from the current price of PKR 285.86 per litre. Additionally, the price of kerosene is anticipated to see a slight drop of PKR 0.17 per litre to PKR 188.49 per litre from the current price of PKR 188.66 per litre. Similarly, the price of light diesel oil (LDO) is projected to increase by PKR 0.45 per litre to PKR 168.63 from the existing price of PKR 168.18 per litre.
“The local price of petrol will be raised due to a hike in prices in the international market,” said an official. “The international price of petrol jumped to USD 95 per barrel in the last two weeks compared to USD 90 per barrel in the first fortnight of March.”
“The massive change in the petrol price would come because of the rise in the price of petrol in the global market.”
However, there is good news for consumers as the price of HSD is expected to decrease in Pakistan following a global decline. The global price of HSD dropped to USD 98 per barrel recently, down from USD 99 per barrel in the first half of March. This decrease is likely to translate to a reduction of over one rupee in the local price for consumers.
Industry officials highlighted that the stability of the exchange rate over the past four weeks means that the local prices of petroleum products will not be significantly affected. Fuel prices are reviewed every 15 days based on global rates and the exchange rate of the local currency. The rupee slightly strengthened against the US dollar, trading at around 277.94 per dollar on Friday.
The federal government will announce the final prices on Sunday (tomorrow) which will take effect from April 1 (Monday). The petrol prices remained unchanged in the last fortnightly review while the price of HSD decreased by PKR 1.77 per litre.
(With inputs from ANI agency)