Islamabad, 15 December, 2023 (GNP): Domestic fuel prices are anticipated to decrease by approximately Rs13 per liter for both petrol and diesel in the upcoming fortnightly review. This projection is attributed to a significant decline in global oil prices over the past two weeks, according to industry officials.
Officials noted that the oil sector’s outlook for the upcoming review on December 15 indicates a downward trend in prices for all petroleum products.
The government, following its practice of reviewing prices every fortnight, adjusts them based on international market trends and the rupee’s exchange rate.
In the upcoming review, petrol prices may decrease to Rs268.24 per liter, a reduction of Rs13.10 from the current Rs281.34 per liter.
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Similarly, the anticipated price for High-Speed Diesel (HSD) is Rs276.05 per liter, reflecting a decrease of Rs13.66 from the existing Rs289.71 per liter.
kerosene prices are expected to decrease by Rs8.36 per liter to Rs192.80, down from the current Rs201.16 per liter. Additionally, the price of light diesel oil (LDO) is projected to drop by Rs10.23 per liter, reaching Rs165.70 from the existing price of Rs175.93 per liter.
Officials in the industry noted that the ex-refinery prices of petroleum products have been consistently decreasing due to the recent sharp decline in global oil prices over the last two weeks. Despite this trend, they highlighted that the government would determine and announce the final prices after considering adjustments based on the exchange rate.
The Interim government maintained the current petrol prices for the initial half of December, despite a Rs10.70 per liter decrease in the average Platts (a key price benchmark for the oil industry). During this period, PSO was granted a downward rupee exchange rate adjustment of Rs3.21 per liter, effective from December 1-15, 2023.
