Misery for Pak public as petrol price likely to rise by PKR 10 per litre

People in Pakistan could face a fresh burden of inflated petrol rates in the upcoming fortnightly review of petroleum prices, Geo News reported on Saturday.

According to industry officials, the price of petrol is poised to inflate by nearly PKR 10 per litre due to a surge in international crude prices.

The petrol price is likely to jack up to Pakistani currency (PKR) 289.69 per litre in the next fortnightly review from the current price of PKR 279.75 per litre, as per the estimates of the oil industry.

Meanwhile, the price of high-speed diesel (HSD) is estimated to decrease by PKR 1.30 per litre to PKR 284.26 from the current price of PKR 285.86 per litre, Geo News reported.

Other than that, the kerosene price is expected to register a minor decline of PKR 0.17 per litre to PKR 188.49 per litre from the existing price of PKR 188.66 per litre. Similarly, the price of light diesel oil (LDO) is likely to increase by PKR 0.45 per litre to PKR 168.63 from the existing price of PKR 168.18 per litre.

"The local price of petrol will be raised due to a hike in prices in the international market," said an official. "The international price of petrol jumped to $95 per barrel in the last two weeks compared to $90 per barrel in the first fortnight of March."

"The massive change in the petrol price would come because of the rise in the price of petrol in the global market."

However, due to a global decline in the HSD price, there would be a decrease in its price in Pakistan as well. The price of HSD dropped to $98 per barrel globally in the last weeks compared to $99 per barrel in the first fifteen days of March.

Geo News reported citing industry officials, this decline would be translated into more than a one-rupee decrease in the price for domestic consumers.

They also said that the local prices of petroleum products will not be impacted significantly as the exchange rate has almost remained stabilised during the last four weeks.

The fuel prices are reviewed every 15 days based on the global rates and exchange rate of the local currency. The rupee registered a slight increase against the US dollar, trading at around 277.94 per dollar on Friday.

The federal government will announce the final prices on Sunday (tomorrow) which will take effect from April 1 (Monday).

The petrol prices remained unchanged in the last fortnightly review while the price of HSD decreased by PKR 1.77 per litre.