Petrol and diesel prices expected to increase next week in Pakistan

ISLAMABAD: Pakistanis are unlikely to receive any further relief from high fuel prices, as petrol and diesel prices are expected to rise next week.

In the upcoming biweekly price review, an increase in petrol and High-Speed Diesel (HSD) rates is anticipated, driven by the recent global surge in crude oil prices.

After five consecutive price cuts, this rise is largely attributed to the ongoing crisis in the Middle East, which has caused international oil prices to spike. According to reports, the federal government is likely to increase petrol prices by Rs5 per litre and diesel by Rs13 per litre in response to these global market trends.

Currently, the international price of petrol has risen to nearly $79 per barrel, up from around $76, while HSD prices have jumped from $80.50 to about $87.50 per barrel during the same period.

However, the final price adjustments will depend on the exchange rate and existing tax rates. The new fuel prices are expected to be announced on October 15 and will take effect the following day.

Over the past two weeks, petrol prices have increased by approximately $2.80 per barrel, with HSD prices rising by around $7 per barrel in international markets.

Despite these projections, a price hike is not guaranteed, as the government will make its final decision after a thorough review of global oil prices and other contributing factors next week.

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