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ISLAMABAD: Pakistan is likely to brace for a significant hike in fuel prices, with MS petrol and High-Speed Diesel (HSD) rates expected to rise next week due to a sudden surge in international oil prices.
The federal government plans to increase the price of petrol by Rs. 5.5 per liter and diesel by Rs. 13 per liter, marking the first increase after five consecutive decreases, effective October 16, 2024.
The anticipated price hike is attributed to the escalating international prices of HSD, petrol, and crude oil, which have reached $87.5, $79, and $81 per barrel, respectively.
Fortunately, the Pakistani rupee has remained stable, trading at 277-278 during this period.
In the previous fortnight, the government reduced petrol prices by Rs. 2.07 per liter to Rs. 247.03 and diesel prices by Rs. 3.4 per liter to Rs. 246.29.
However, the new prices are expected to be Rs. 259-260 per liter for HSD and Rs. 252-253 per liter for MS petrol.
It’s worth noting that the import premium on both petrol and diesel has remained relatively stable at $8.7 and $5 per barrel, respectively, over the past fortnight.
This price adjustment is subject to change based on various economic factors, including global oil prices and currency fluctuations.
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