Will petrol price increase or decrease in Pakistan?

WEB DESK: Global oil prices increased by 2 per cent on Friday, raising concerns as the next fortnightly review approaches, and the Pakistan government is expected to announce new petrol and diesel prices next week.

This development might lead people to speculate about a potential increase in petrol and diesel prices in Pakistan during the upcoming fortnightly review.

Currently, it is not possible to definitively state whether the petrol price will increase or decrease in Pakistan.

In the previous review, conflicting reports surfaced, with some suggesting a decrease in petrol prices and others predicting an increase.

However, the government ultimately opted to maintain petrol prices. Currently, it remains uncertain whether petrol prices in Pakistan will see an increase despite the 2 per cent rise in global oil prices.

As of today, the price of petrol in Pakistan stands at Rs283.38 per litre, while diesel is priced at Rs304.05 per litre. This price of petrol will remain unchanged till November 15.

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Moreover, the latest 2 per cent uptick in global oil prices on Friday was attributed to Iraq expressing support for OPEC+’s oil cuts ahead of an upcoming meeting in two weeks.

Additionally, some speculators covered substantial short positions in light of weekend uncertainty. Nevertheless, prices concluded the week with a 4 per cent decline, marking their third consecutive weekly drop.

In the United States, energy firms reduced the number of operating oil rigs for the second consecutive week, reaching the lowest count since January 2022, according to energy services firm Baker Hughes.

The rig count is indicative of future output. Brent futures rose by $1.42, or 1.8 per cent, settling at $81.43 a barrel, while US West Texas Intermediate (WTI) crude increased by $1.43, or 1.9 per cent, settling at $77.17.