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Petrol Prices Expected to Decline in Pakistan

Karachi, Pakistan: The Pakistani government is anticipated to announce a reduction in petrol prices today, marking the second cut this month, following a decline in the ex-depot price of gasoline, as reported by The News on Thursday.

Sources within the industry indicate that the price of diesel, however, is likely to increase by Rs5 per litre during the fortnightly review scheduled for today, set to take effect from June 16.

In the case of petrol, if the government maintains a zero exchange rate adjustment, prices are projected to decrease by Rs3-5 during the fortnightly review.

Industry experts have estimated that the ex-depot price of high-speed diesel (HSD) may rise by Rs3.29 per litre, reaching Rs256.29 per litre from Rs253 per litre.

Knowledgeable individuals within the industry have stated that in the previous price review, the government only made a marginal adjustment of Re0.13 on the diesel price. However, if the adjustment reaches Rs3-4 in today’s study, the price could increase by Rs5 per litre.

Must read: Shipment of Cheap Russian Oil Reached Karachi Port, Pakistan.

Petrol Price in Pakistan

Calculations indicate that the ex-depot price of petrol is expected to decrease from Rs1.87 per litre to Rs260.13 per litre, down from Rs262 per litre. Similarly, the ex-depot price of light-speed diesel may rise by Rs2.48, reaching Rs150.16 from Rs147.68 per litre.

Over the next fortnight, the price of kerosene may increase by Rs2.10, amounting to Rs166.17 per litre, up from Rs164.07 per litre.

Sources reveal that the exchange rate is also on an upward trend for the upcoming price review, with an increase of Rs0.63/litre, reaching Rs286.69 from Rs286.06/litre against the dollar.

They further stated that the industry’s calculations are provisional, and the actual difference in petroleum product prices and price adjustments can only be determined once the government makes its final decision.

When asked about the impact of Russian crude oil imports on petroleum product prices in the next fortnight, they clarified that it would not influence the current price review since the oil was recently shipped to Pakistan, and processing began on Wednesday.

The refined products derived from Russian crude oil are expected to reach the market in two weeks. However, industry experts believe that even after the supply of these products, the domestic market is unlikely to experience a significant impact due to the low quantity compared to the country’s consumption.

They noted that even after the arrival of the second cargo on June 20, consumer prices would remain unaffected until the share of Russian crude oil exceeds 30% of the total crude oil imports.

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