Fuel prices are reviewed every 15 days based on global rates (representative)
Islamabad:
Pakistan may face a new burden of rising petrol prices in the upcoming fortnightly oil price review, Geo News reported on Saturday.
According to industry officials, petrol prices are expected to increase by nearly 10 Pakistani rupees (PKR) per liter due to surge in international crude oil prices.
According to oil industry estimates, petrol prices are likely to increase to PKR 289.69 per liter from the current PKR 279.75 per liter in the coming fortnightly review.
Meanwhile, the price of high-speed diesel (HSD) is expected to fall from PKR 285.86 per liter to PKR 284.26 per liter, Geo News reported.
Kerosene prices are expected to edge down by PKR 0.17 from PKR 188.66 per liter to PKR 188.49 per liter. Similarly, the price of light diesel oil (LDO) is likely to increase by Rs 0.45 to Rs 168.63 per liter from the existing Rs 168.18 per liter.
“Local gasoline prices will increase due to rising prices in the international market,” an official said. “International gasoline prices jumped to US$95 per barrel in the past two weeks, compared to US$90 per barrel in the first two weeks of March.”
“Gasoline prices are going to change dramatically as a result of rising gasoline prices in global markets.”
However, as global HSD prices fall, prices in Pakistan will also fall. Over the past few weeks, global HSD prices have fallen to $98 per barrel, compared with $99 per barrel in the first 15 days of March.
This decline will mean a price drop of more than a rupee for domestic consumers, Geo News quoted industry officials as saying.
They also said local petroleum product prices would not be significantly affected as the exchange rate has remained almost stable over the past four weeks.
Fuel prices are reviewed every 15 days based on global and local currency exchange rates. The rupee edged higher against the US dollar on Friday and was trading around 277.94 rupees against the US dollar.
The federal government will announce the final prices on Sunday (tomorrow), with them taking effect from Monday, April 1.
Petrol prices remained unchanged in the last two weeks under review, while HSD prices fell by PKR 1.77 per liter.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
