Industry experts suggest that the recent devaluation of the rupee against the dollar in the interbank market might mitigate the extent of this price increase.
ISLAMABAD: (UrduPoint/Pakistan Point News-Sept 14th, 2023) In the forthcoming bi-weekly price review, there are anticipations of a significant surge in petroleum product prices due to the recent upswing in global oil prices.
Nevertheless, industry experts suggest that the recent devaluation of the rupee against the Dollar in the interbank market might mitigate the extent of this price increase.
On September 15, the Oil and Gas Regulatory Authority (Ogra) is set to unveil revised prices for petrol, diesel, and other petroleum items. These prices will be determined based on the average international crude oil rates and exchange rate fluctuations witnessed during the first half of September.
Projections indicate that the price of petrol could witness an uptick of Rs16 per liter in the upcoming price review, while high-speed diesel (HSD) might see an increase of approximately Rs13.66 per liter.
For the next two weeks, the ex-depot price of petrol is calculated to be Rs321.35 per liter, marking a Rs15.99 increase from its current rate of Rs305.36 per liter. Similarly, the ex-depot price of HSD is estimated at Rs325.50 per liter, up by Rs13.66 from its current price of Rs311.84 per liter.
Expectations also point towards an increase of Rs10.02 and Rs4.45 per liter in the prices of kerosene and light diesel oil (LDO) respectively.
This upswing in ex-depot prices can be attributed mainly to the depreciation of the rupee as well as the escalating global prices of petroleum products.
The oil industry has computed these prices for the forthcoming two weeks using an average exchange rate of Rs304.21 per dollar, contrasting with the Rs299.77 per dollar average exchange rate for the existing petroleum product prices in the country.
