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People in Pakistan may soon face a new challenge of increased petrol prices during the upcoming bi-weekly review of petroleum prices, Geo News reported on Saturday. The cost of petrol is set to rise by approximately PKR 10 per litre owing to a surge in international crude oil prices.
Estimates from the oil industry suggest that the price of petrol could increase to PKR 289.69 per litre in the upcoming bi-weekly review, up from the current rate of PKR 279.75 per litre. According to the report, the price of high-speed diesel (HSD) will decrease by PKR 1.30 per litre to PKR 284.26 from its current rate of PKR 285.86 per litre.
READ | Pakistan hikes prices of petrol to 275.62, diesel to 287.33 Pak rupees
Owing to a worldwide decrease in the price of high-speed diesel (HSD), there will also be a reduction in its price in Pakistan. Globally, the price of HSD fell to USD 98 per barrel in recent weeks, down from USD 99 per barrel in the first fifteen days of March. This decline is expected to result in a reduction of more than one rupee in prices for domestic consumers.
READ | Pakistan looks to tame high inflation with fuel price cuts: Caretaker PM
Fuel prices are reviewed every 15 days based on global rates and the exchange rate of the local currency. On Friday, the rupee saw a slight increase against the US dollar, trading at approximately 277.94 per dollar.
During the previous bi-weekly review, petrol prices remained steady, whereas the price of high-speed diesel (HSD) decreased by PKR 1.77 per litre.
(With inputs from ANI)
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