Petrol Prices in Pakistan are expected to see another decrease of up to Rs. 10 per liter, with initial estimates suggesting the per liter rates for High-Speed Diesel to fall by Rs. 10 and MS Petrol by Rs. 8 per liter on November 15.
If global fuel prices stay favorable over the next few days, we can expect a reduction in local petrol and diesel costs to Rs. 275.38 and Rs. 293.18, respectively, in the upcoming bi-weekly pricing starting from November 15, 2023.
The benefit of low global fuel rates may be offset by the Pakistani Rupee’s plunge since October 15 which saw the local unit lose Rs. 10.2/$ to date.
Interestingly, the cost of High-Speed Diesel (HSD) has seen a notable reduction, averaging around $8-9 per barrel less, reaching $104 per barrel for the week. Simultaneously, the price of petrol has also experienced a decline, decreasing by $1 and settling at $90.
To recall, between August 15 and September 15, petrol and high-speed diesel prices rose by Rs. 58.43 and Rs. 55.83 per liter, respectively, to a historic Rs. 331-333 per liter at retail until September 30. Later, due to the PKR’s massive recovery from below 300 to above 278, fuel and diesel rates were slashed by Rs. 52 and Rs. 26 per liter, respectively, on the 1st and 15th of October.
On 31st October, the prices of petrol and HSD were retained at Rs. 283.38 per liter and Rs. 303.18 per liter, respectively. At the last fortnightly review of petroleum prices, the interim government retained fuel prices despite expectations of up to Rs. 18 per liter relief.
Certainly! Over the past two weeks, the Pakistani Rupee has experienced a 3.5 percent decrease, now valued at 287 rupees per US dollar, in contrast to the average of 277 rupees per US dollar on October 16. Additionally, during the same period, the prices of WTI, Brent, and Arablight have fallen by approximately 11.6 percent, 11.1 percent, and 9.6 percent, respectively.