On October 31, fuel prices in Pakistan are predicted to drop dramatically by up to Rs. 18 per liter. According to preliminary projections, the price of MS Petrol will drop by Rs. 17–18 per liter and that of High-Speed Diesel by Rs. 5–6 per liter.
In the following fortnight, local petrol and diesel prices may drop to Rs. 297-298 and Rs. 265-266, respectively, based on the assumption that global prices and the strengthening Pakistani Rupee stay positive for a few more days. This would take effect on October 31, 2023.
The interim government cut the cost of gasoline by Rs. 40 per liter and the cost of high-speed diesel by Rs. 15 during the most recent fortnightly review of petroleum pricing.
The primary causes of the anticipated decline are the Pakistani Rupee’s 28-day winning streak against the US dollar and the foreign exchange prices of HSD and MS, which dropped by $1.3 to 3.5 per barrel last week. If accurate, this would mark the third time that fuel prices have dropped following three increases.
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In case you forgot, the price of gasoline and high-speed diesel increased by Rs. 58.43 and Rs. 55.83 per liter, respectively, between August 15 and September 15, reaching a record-breaking Rs. 331-333 per liter at retail till September 30. Later, on October 1st and 15, the prices of fuel and diesel were lowered by Rs. 52 and Rs. 26 per liter, respectively, as a result of the PKR’s fast recovery from below 300 to above 278.
Compared to the previous fortnightly average of 277/$, the PKR has depreciated by 1% to 280.5/$. In addition, the prices of WTI, Brent, and Arablight have decreased by approximately 4.3 percent, 3.2 percent, and 4.2 percent, respectively, in comparison to last week.
The computation is predicated on estimations for the remaining days of the current fortnight and actual costs for the first 12 days.
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