ISLAMABAD: The petroleum prices have reversed course after five consecutive fortnightly drops, primarily due to increasing international prices following the escalation of the Middle East crisis.
According to well-informed official sources, there will be a price increase of around Rs5.50 and Rs13 per litre for gasoline and high-speed diesel (HSD) starting on October 16 and lasting for the next two weeks, ending on October 31.
They claimed that during the previous two weeks, the average price of gasoline had increased by $2.8 per barrel and the average price of HSD by around $7 per barrel. The final exchange rate computation and current tax rates will determine the final price rise of Rs5.50 to Rs 13 per litre for both fuel and HSD.
According to officials, the average price of gasoline on the global market has risen from almost $76 per barrel to nearly $79 per barrel. In the previous two weeks, HSD increased from $80.5 to roughly $87.5 per barrel. The import premium for gasoline and HSD was mostly steady at $8.7 and $5 per barrel, respectively, during the course of the last two weeks. Conversely, the currency rate stayed within its range.
At present, the price of petrol ex-depot is Rs 247.03 per liter, while the price of HSD is Rs 246.69 per litre. However, in the retail sector, the price of gasoline and HSD is little more than Rs 248 per litre. The majority of private transportation, tiny cars, rickshaws, and two-wheelers run on gasoline, which directly affects middle-class and lower-class budgets.
