Petrol prices in Pakistan are projected to increase once more, following recent price reductions. Official sources indicate that a new hike in fuel prices is likely to take effect on October 16, 2024, driven by escalating global market rates.
Anticipated Increase in Fuel Prices
Experts predict that petrol prices could rise by approximately Rs5.50 per litre, while high-speed diesel (HSD) may experience a more significant increase of around Rs13 per litre. These adjusted fuel prices are expected to remain in effect until the end of October. This comes on the heels of a price reduction earlier this month, when the government cut petrol prices by Rs2.07 per litre, bringing the cost down to Rs247.03 per litre on October 1, 2024.
Global Oil Market Influences
The anticipated rise in petrol prices is primarily attributed to the increasing international oil rates. Currently, the global price of petrol has risen to approximately $79 per barrel, up from $76 per barrel previously. Likewise, the price of HSD has surged from $80.5 per barrel to $87.5 per barrel.
Despite these increases, the import premium for both petrol and HSD has remained stable at $8.7 and $5 per barrel, respectively. Additionally, a stable exchange rate has contributed to preventing even steeper price hikes.
Recent Price Adjustment
On October 1, 2024, the government announced a minor reduction in petrol prices, decreasing the cost by Rs2.07 per litre. This adjustment lowered the price from Rs249.10 per litre to Rs247.03 per litre, a decision that was well-received by the public. However, with the upward trend in international oil markets, this temporary relief may soon come to an end, as prices are set to rise again starting October 16.
Related topic:
What is Gasoline Made of Chemically?
