MS petrol and High-Speed Diesel (HSD) prices are expected to increase next week due to an abrupt spike in international oil prices.
The federal government is expected to increase the price of petrol by Rs. 5.5 per liter and diesel by Rs. 13 per liter, after five consecutive decreases, effective October 16, 2024.
The higher forecast is based on international prices for HSD, petrol, and crude oil, which have increased in the current fortnight to $87.5, $79, and $81 per barrel, respectively. Notably, the Pakistani rupee remained stable at 277-278 during the period in review.
Over the past fortnight, the import premium on both petrol and diesel remained largely stable at $8.7 and $5 per barrel, respectively.
Considering the above, it is expected that the price of HSD is poised to increase to Rs. 259-260 per liter in Pakistan. Meanwhile, MS rates are expected to increase to Rs. 252-253 per liter.
In the previous fortnight, the government cut the petrol price by Rs. 2.07 per liter to Rs. 247.03. Meanwhile, the diesel price was reduced by Rs. 3.4 per liter to Rs. 246.29.
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Just as the Prime Minister takes credit for the decrease in fuel prices, he should have the decency to apologise for the increase.