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ISLAMABAD: Petroleum prices are set to rise sharply in the upcoming fortnight review, primarily due to increases in international oil prices spurred by heightened tensions in the Middle East, according to recent reports.
Starting October 16, petrol prices are expected to increase by approximately Rs5.50 per liter, while high-speed diesel (HSD) could see a rise of about Rs13 per liter, as per official sources cited by Dawn News. These adjustments will remain in effect through October 31.
Currently, the ex-depot price for petrol stands at Rs247.03 per liter, with HSD priced at Rs246.69 per liter.
Over the past two weeks, the cost of petrol has risen by an average of $2.8 per barrel, while HSD has increased by about $7 per barrel. Based on the latest exchange rate and tax structures, these international fluctuations are likely to result in an increase of Rs5.50 to Rs13 per liter for both fuels.
The international price of petrol has recently climbed to nearly $79 per barrel from around $76, and HSD has risen to about $87.5 per barrel from $80.5. Throughout this period, import premiums on petrol and HSD remained steady at $8.7 and $5 per barrel, respectively, while the exchange rate has remained stable.
