The federal government is expected to hike the price of petrol by Rs. 5.5 per liter and diesel by Rs. 13 per liter, after five consecutive reductions, effective from October 16, 2024.
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This increase is driven by rising international prices for HSD, petrol, and crude oil, which have climbed in the current fortnight to $87.5, $79, and $81 per barrel, respectively. Despite this, the Pakistani rupee remained stable at 277-278 during the review period. Over the past two weeks, the import premium on both petrol and diesel stayed relatively stable at $8.7 and $5 per barrel, respectively.
Based on these factors, the price of HSD is likely to increase to Rs. 259-260 per liter in Pakistan, while MS petrol prices are expected to rise to Rs. 252-253 per liter.
In the previous fortnight, the government reduced the price of petrol by Rs. 2.07 per liter to Rs. 247.03, while the diesel price was cut by Rs. 3.4 per liter to Rs. 246.29.
