Pakistan is expected to see a hike in petroleum product prices starting November 16, 2024, due to fluctuations in the global market.
Sources from Express News suggest that petroleum prices could increase by up to Rs 6 per liter over the next 15 days. Petrol is likely to see a Rs 2.50 per liter increase, while high-speed diesel (HSD) may rise by Rs 5.91 per liter. Kerosene oil could become Rs 5.54 more expensive, and light diesel oil (LDO) might go up by Rs 5.90 per liter.
Oil companies have already submitted their proposed price adjustments to the Oil and Gas Regulatory Authority (OGRA), which will forward the calculations to the government on November 15, 2024. The final approval will be made in consultation with the Prime Minister.
Currently, the government imposes a fixed tax of Rs 76 per liter on both petrol and HSD, which includes a petroleum development levy of Rs 60 and a customs duty of Rs 16.
Despite minor changes in global oil prices, with Brent crude slipping 1% to $71.82 per barrel and US WTI rising slightly to $68.07, the price of crude oil has fallen by approximately 25% over the past month. Petrol’s average price has risen from $75.6 to $77.2 per barrel, while HSD has increased from $83.6 to $88.
At present, the ex-depot prices for petrol and HSD stand at Rs 248.38 and Rs 255.14 per liter, respectively, following a recent price increase on October 31.
NEWS DESK
PRESS UPDATE