Petrol price in Pakistan expected to increase again as global oil costs soar

WEB DESK: In the midst of the Middle East conflict, global oil prices have surged, indicating an upward trajectory for petrol and diesel costs in Pakistan.

Petrol prices in Pakistan are expected to rise by Rs3.55 per litre, while diesel prices could increase by Rs0.82 per litre.

It’s important to highlight that international petrol and diesel prices have surged by $3.14 and $1.14 per barrel, respectively.

However, it’s crucial to recognise that there is still a week remaining before the next pricing update.

Read more: Pakistan Stock Exchange closes above the 51,000 mark for the second time in history

Today, the local currency depreciated by 11 per cent and closed the day at Rs279.12, losing 32 paisas as compared to its last closing rate of Rs278.80 on Friday, October 20.

On a positive note, the Pakistani rupee (PKR) has experienced a modest gain, strengthening by around 4 rupees, or 1.42 per cent, compared to the previous fortnight’s weighted average rate of Rs282.37 per US dollar.

The future trajectory of these prices will significantly depend on global market dynamics and the exchange rate.

The government is set to announce the next fortnightly update on October 31, 2023.