Govt likely to increase diesel price by Rs6.3 per litre, no change in petrol prices expected

February 14, 2024 (MLN): The government may hike the high-speed diesel price by Rs6.3 per litre, while leaving the petrol price unchanged, for the second half of February.

Price estimates till February 13, 2024, indicate the ex-refinery price of HSD has risen by about Rs8, reaching Rs206.57 per litre, as compared to the previous fortnight's price of Rs198.56 per litre.

The ex-refinery price of petrol, however, has marginally increased by Rs0.85, reaching Rs190.32 per litre.

On the other hand, the local currency has appreciated slightly against the USD since last fortnight's decision, standing at a weighted average rate of around PKR 279.37 per USD.

Accordingly, the net change for HSD and petrol after accounting for the exchange adjustment is expected to be an increase of Rs6.3 and Rs0.35 per litre respectively.

It is important to note that there are still two more sessions left for the next pricing update; thus, the final prices will depend on global market movements and the exchange rate.

The government will announce the new prices at midnight on February 15, 2024, and they will remain in effect for the second half of February.

To recall, in the last fortnight, the government raised the prices of diesel and petrol by Rs2.5 and Rs13.55 per litre respectively, bringing them to Rs278.96 and Rs272.89 per litre.

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