By Ali Imran
ISLAMABAD: Pakistan is likely to see an increase in petroleum product prices starting from November 16, 2024, as global market fluctuations impact local rates.
According to Express News sources, the prices of petroleum products are expected to rise by up to Rs 6 per liter for the next 15 days.
The price of petrol is projected to increase by Rs 2.50 per liter, while high-speed diesel (HSD) could see a rise of Rs 5.91 per liter.
Additionally, kerosene oil is expected to become Rs 5.54 per liter more expensive, and light diesel oil (LDO) could increase by Rs 5.90 per liter.
Sources also mentioned that oil companies have already submitted their price calculations to the Oil and Gas Regulatory Authority (OGRA).
OGRA will forward the price working to the government on November 15, 2024, and the final approval will be granted in consultation with the Prime Minister.
The government currently levies a fixed tax of Rs76 per litre on both petrol and HSD, including a Rs60 petroleum development levy and Rs16 in customs duty. Meanwhile, global oil prices saw minor changes on Tuesday, with Brent crude futures slipping by 1% to $71.82 per barrel, while US West Texas Intermediate (WTI) recorded a slight increase, closing at $68.07 per barrel.
Despite these small shifts, crude oil prices have dropped roughly 25% over the past month, reflecting ongoing adjustments in the international market.
Market data shows petrol’s average price rose from $75.6 to $77.2 per barrel, while HSD rose to $88 from $83.6.
Additionally, the import premium on petrol increased to $9.80 per barrel.
As of now, the ex-depot prices for petrol and HSD stand at Rs248.38 and Rs255.14 per litre, respectively, with the latest price adjustment on 31 October already straining household budgets.
