Pakistan’s petrol, diesel prices for the next two weeks

WEB DESK: As the fortnightly review approaches, indications suggest that there will be no significant alterations in the prices of petroleum products. Notably, diesel and kerosene rates are expected to experience a slight decrease.

The government is on the brink of announcing the revised petrol prices for the upcoming week. The new petrol rates in Pakistan will come into effect from December 1, and the announcement is expected to be made before 11:59 pm today.

Petrol price update in Pakistan today: significant reduction expected

Currently, the petrol rate in Pakistan is Rs281.34 per litre, and many individuals, burdened by inflation, are hoping for a decrease in petrol prices.

Reports suggest that the ex-refinery and ex-depot prices of petroleum products have remained relatively stable, with no major fluctuations. This stability is attributed to a recent easing of global crude prices.

Among the notable changes, the ex-depot price of petrol, the predominant fuel in the country, is set to increase marginally by Rs0.19 per litre, reaching Rs281.53 compared to the current price of Rs281.34, as reported by industry officials.

Furthermore, the ex-depot price of high-speed diesel (HSD), primarily used for transport, is expected to see a decline of Rs6.24 per litre, settling at Rs290.47 for the next fortnight, in contrast to the existing price of Rs296.71.

Similarly, the ex-depot price of kerosene, utilized for cooking and lighting in rural areas, is projected to decrease to Rs202.16 per litre from the current price of Rs204.98, reflecting a reduction of Rs2.82 per litre.

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Additionally, the ex-depot price of light-speed diesel, another variant of diesel, is slated to decrease to Rs176.18 per litre in the upcoming review, down from the present price of Rs180.45, indicating a decline of Rs4.27 per litre, as per the report.

While the estimated exchange adjustment for petrol stands at zero, it is Rs1.80 per litre for HSD, according to industry sources. However, they caution that these figures may change with exchange losses, as the industry has not factored in the exchange loss figure in its workings for the next review.

It is pertinent to note that fuel prices in the country are revised on a fortnightly basis, taking into account fluctuations in the international energy market costs and the rupee-dollar parity to mitigate the impact on domestic consumers.

Industry insiders point out that global oil prices experienced pressure in November, dipping below $75 a barrel in mid-November. On November 29, WTI was trading at $76.5 a barrel, reflecting a nearly 7 per cent decrease compared to October 29. Brent also saw a 5.4 per cent decline over the past month, trading at $86.35 a barrel.

While earlier speculations hinted at a Rs7 per litre decline in petrol prices in Pakistan, it’s crucial to note that these are speculative until the official announcement is made in a few hours.