Another drop in fuel prices of up to Rs. 10 per liter is anticipated in Pakistan on November 15. According to preliminary estimates, the price of MS Petrol will decrease by Rs. 8 and that of High-Speed Diesel by Rs. 10. In the next fortnight, local petrol and diesel prices could drop to Rs. 275.38 and Rs. 293.18, respectively, if global prices stay positive for the next few days. This would take effect on November 15, 2023.
The decline of the Pakistani Rupee since October 15, which has resulted in the local currency losing Rs. 10.2/$ to date, may counteract the benefit of low international fuel prices.
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During the week, HSD dropped to $104 on average, saving $8–9 per barrel, while gasoline saw a $1–$90 decrease.
In case you forgot, the price of gasoline and high-speed diesel increased by Rs. 58.43 and Rs. 55.83 per liter, respectively, between August 15 and September 15, reaching a record-breaking Rs. 331-333 per liter at retail until September 30. Later, on October 1st and 15, fuel and diesel prices were slashed by Rs. 52 and Rs. 26 per liter, respectively, as a result of the PKR’s sharp recovery from below 300 to above 278.
The prices of gasoline and HSD were kept at Rs. 303.18 and Rs. 283.38 per liter, respectively, on October 31.
Despite hopes for a relief of up to Rs. 18 per liter, the interim government kept fuel prices at the previous fortnightly review. Notably, the prices of WTI, Brent, and Arablight fell by approximately 11.6 percent, 11.1 percent, and 9.6 percent, respectively, while the PKR declined by 3.5 percent to 287/$ from a fortnightly average of 277/$ on October 16.
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