Pakistan

Petrol price hike spells more misery for the masses

Expected petrol price increase will add more financial pressure on people already dealing with inflation in the upcoming bi-weekly review. Industry insiders project a near Rs10 per litre surge in petrol prices due to an upswing in global crude prices.

Estimated at Rs289.69 per litre, up from the current Rs279.75 per litre, the petrol price increase is anticipated, while high-speed diesel (HSD) is slated to decrease by Rs1.30 per litre to Rs284.26.

Additionally, kerosene prices are expected to see a minor drop of Rs0.17 per litre to Rs188.49, and light diesel oil (LDO) might rise by Rs0.45 per litre to Rs168.63. Officials attribute the local petrol price hike to international market escalations, with global petrol prices surging to $95 per barrel recently.

Conversely, the decline in global HSD prices, from $99 to $98 per barrel, is expected to translate to a reduction in Pakistan’s HSD prices by over one rupee. Despite fluctuations, stable exchange rates over the past four weeks are expected to mitigate significant impacts on local petroleum product prices.

Reviews every 15 days, based on global rates and exchange rates, guide adjustments, with the rupee slightly strengthening against the US dollar at approximately 277.94 per dollar. The federal government is scheduled to announce final prices on Sunday, effective April 1.

It is pertinent to note that in the previous review, petrol prices remained static while HSD decreased by Rs1.77 per litre.

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