Fuel Prices Expected to Rise Tonight

Today, despite the international oil market’s muted response to the recent Iran strike on Israel, there’s anticipation of a significant uptick in MS petrol and High-Speed Diesel (HSD) prices.

The new federal government is poised to raise petrol and diesel prices by Rs. 2.5 per liter and Rs. 8.5 per liter respectively on April 15, 2024. Should the government pass on this increase to the public, it would mark the second consecutive hike during the coalition government’s tenure.

This projected increase stems from the international prices of HSD, petrol, and crude oil, which saw substantial spikes in early April. Despite this, the Pakistani rupee remained stable at 278-279 against the dollar over the past two weeks.

In the first week of April, international petrol and HSD prices surged by approximately $4 and $4.50 per barrel respectively. Consequently, MS rates are expected to climb to Rs. 291.91 per liter.

Conversely, while HSD prices surged globally, Pakistan State Oil’s import premium remained steady at $6.50 per barrel. Consequently, the price of HSD in Pakistan is anticipated to rise to Rs. 294.06 per liter.

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Globally, the Brent crude futures market and other physical markets in the Middle East, Europe, and Africa are reflecting tighter supply, with prices ranging between $80-90 per barrel. This is partly attributed to shipping delays in the region in recent months.

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