Petrol, Diesel Prices Likely to See Significant Increase Next Week
Motor Spirit (MS) petrol and High-Speed Diesel (HSD) prices in Pakistan are expected to rise significantly next week due to a sudden surge in international oil prices. The federal government is likely to raise petrol prices by Rs. 5.5 per liter and diesel prices by Rs. 13 per liter, effective October 16, 2024. This increase follows five consecutive reductions in fuel prices.
The anticipated hike is attributed to recent trends in international prices for HSD, petrol, and crude oil, which have climbed to $87.5, $79, and $81 per barrel, respectively. During this review period, the Pakistani rupee has remained stable, trading at 277-278.
Additionally, over the past fortnight, the import premium for both petrol and diesel has remained largely unchanged, at $8.7 and $5 per barrel, respectively.
As a result of these changes, it is projected that the price of HSD will rise to approximately Rs. 259-260 per liter, while MS rates are expected to increase to Rs. 252-253 per liter. Previously, the government had cut petrol prices by Rs. 2.07 per liter to Rs. 247.03, and the diesel price was reduced by Rs. 3.4 per liter to Rs. 246.29.
