Prices of petrol and diesel are expected to increase due to a rise in import premiums and price hikes in international market
LAHORE: (UrduPoint/Pakistan Point News-Nov 13rd, 2024) The prices of petrol and high-speed diesel are expected to increase by approximately Rs4 to Rs5 per litre in Pakistan.
The decision regarding prices of the petroleum products will be made on November 15.
The prices of petrol and diesel are expected to increase due to a rise in import premiums and price hikes in the international market.
Over the last 15 days, the average prices of petrol and high-speed diesel in the international market have increased by $1.7 and $4.4 per barrel, respectively.
The exchange rate has strengthened against the Pakistani rupee, with the import premium for petrol rising to nearly $1 per barrel.
During the current 15-day period, the petrol import premium has increased from $8.8 to $9.8 per barrel while the diesel premium remains at $5 per barrel.
Based on the final exchange rate calculations and current tax rates, the prices of petrol and high-speed diesel are expected to rise by 4 and 5 rupees per liter, respectively, marking the second consecutive price hike.
On October 31, the government had already raised the prices of petrol and high-speed diesel by 3.85 rupees and 1.35 rupees per liter, respectively.
The officials reported that the average price of petrol in the international market increased from $75.6 to approximately $77.2 per barrel while the price of diesel rose from $83.6 to $88 per barrel in the last 15 days.
Currently, the ex-depot price of petrol in Pakistan is Rs248.38 per liter, and the ex-depot price of high-speed diesel is Rs255.14 per liter.
