The price of petrol is expected to increase in Pakistan from November 16, despite the reduction in the rates of petroleum products in the international market.
Read more: New petrol prices from November 16
According to sources, while global price decreases and a strong dollar may not lead to substantial relief in fuel rates, there is a likelihood of petrol prices rising by Rs 3 rupees per liter over the next 15 days.
In contrast, high-speed diesel users could experience relief of up to Rs 8.50 from November 16. Additionally, kerosene prices are expected to decrease by Rs 5.5 per liter for the same duration, and light diesel oil might see an Rs 8.5 reduction per liter.
On November 1, the ex-refinery price of petrol was set at Rs 199.16, and it is expected to increase to Rs 202.34 by November 15, as reported by sources. Meanwhile, the ex-refinery price of high-speed diesel on November 1 was Rs 225.72, and it is anticipated to decrease to Rs 217.52 by November 15.
Due to the differences in ex-refinery prices, diesel is expected to become more affordable, while petrol may witness an increase in cost. The Oil and Gas Regulatory Authority (Ogra) is set to release the working on petroleum product prices on November 15, and the government may announce its decision to maintain the prices of these products.
Earlier, reports suggested a probable decrease in petrol and diesel prices by Rs8 to Rs10 per liter in Pakistan. This change was anticipated from November 15, attributing it to a global decline in oil prices.
The changes in the prices of petroleum products will be announced by the caretaker government, and the Finance Division will formally issue a notification.
Moreover, on November 1, the Oil and Gas Regulatory Authority announced a reduction in the price of a 11.8 kg domestic LPG cylinder by Rs 117.47, with a cut of Rs 10 per kg. Consequently, the domestic cylinder’s price was reduced by Rs 117, and the commercial cylinder's price saw a decrease by Rs 452.