The federal government will announce the new rates of petroleum products today for the next 15 days, which will come into effect from tonight after midnight, however, still, it is not clear whether the prices will see another cut, rise, or will remain the same.
As par the petroleum prices in the international market, which affects rates in Pakistan, they extended their gains on Monday, driven by concerns over potential supply pressures from Middle Eastern producers. The concerns have been fuelled by Israel’s intensifying attacks on Iranian-backed forces in the region.
Brent crude futures for November delivery rose by 51 cents, or 0.71 percent, to reach $72.49 a barrel as of 0330 GMT. This contract expires on Monday, while the more actively traded December contract gained 50 cents, or 0.7 percent, to settle at $72.04.
In Pakistan, the government will announce new petrol and diesel prices for the upcoming two weeks today. According to the latest reports, it is expected that the petrol price will remain the same, with a minor reduction anticipated for high-speed diesel (HSD), effective from tomorrow (Tuesday).
Experts believe the current rates of the petroleum levy (PL) and general sales tax (GST) on fuel make it unlikely that petrol prices will be slashed again. However, slight revisions in the prices of HSD, kerosene oil, and light diesel oil (LDO) can be expected in the first half of October 2024.
The price update will take into account the current economic situation, global oil trends, and other factors impacting the cost of petroleum products in Pakistan. The new prices will come into effect from midnight on October 1 and will remain valid until the next fortnightly review.
