Tag: Fuel price hike

  • Govt expected to increase petrol price by Rs3.5 for first half of March

    Govt expected to increase petrol price by Rs3.5 for first half of March

    In a possible move that could impact consumers, the government is considering a hike in petrol prices by Rs3.5 per litre for the initial half of March 2024.

    As of the latest estimates until February 27, 2024, the ex-refinery price of petroleum has seen a noticeable rise, reaching Rs195.75 per litre. This reflects an increase of approximately Rs3.58 compared to the preceding fortnight’s price of Rs192.17 per litre.

    Contrary to petrol, there might be no significant adjustment in the price of high-speed diesel (HSD), with the government likely to maintain the current rate due to marginal changes in its pricing structure.

    The national currency has experienced a modest appreciation against the USD since the previous fortnight’s decision, settling at a weighted average rate of approximately PKR 279.37 per USD.

    It is crucial to highlight that, with two more sessions pending before the next pricing update, the final prices will be subject to global market fluctuations and exchange rate variations.

    The official announcement revealing the new prices is scheduled for midnight on February 29, 2024. If approved, these adjustments will remain effective for the first half of March. 

  • Petrol price likely to increase by Rs15 per litre after August 16

    Petrol price likely to increase by Rs15 per litre after August 16

    Starting August 16, petroleum products are expected to undergo a notable price hike. In particular, the price of petrol is projected to rise by Rs15 per litre, while diesel will likely see a steeper increase of Rs20 per litre.

    This surge in prices is attributed to a rise in global commodity rates. Recent reports indicate that the cost of crude oil has climbed by $5 per barrel, going from $86 to $91 per barrel. This increase is largely due to the elevated prices of petroleum products on the global market. Additionally, a separate premium charge of $2 per barrel has been applied to crude oil.

    Simultaneously, the international prices for both diesel and gasoline have also experienced a $5 surge, climbing from $97 per barrel to $102 per barrel.

    Should these prices remain unchanged, the anticipated effect on Pakistan’s fuel market would translate to a Rs15 per litre hike for petrol and a more substantial Rs20 per litre increase for diesel.

    In the context of the previous fortnightly review conducted by the outgoing government, a significant Rs19 per litre escalation in petrol and diesel prices had been announced. This decision was justified as being in alignment with the demands of the International Monetary Fund.