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Govt maintains petrol price, cuts HSD by Rs7 per litre

Petroleum import bill rises by 15.65% YoY to $1.43bn in January: SBP
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November 30, 2023 (MLN): The caretaker federal government on Thursday decided to maintain the current petrol price of RsRs281.34 for the next fortnight, said a notification issued by the Finance Division.

Conversely, the price of High-Speed Diesel (HSD) has been reduced by Rs7 per litre to Rs289.71.

The notification further shows that the government slashed the prices of Kerosene (SKO) and Light Diesel Oil (LDO) by Rs3.82 and Rs4.52 per litre to Rs201.16 and Rs175.93 per litre, respectively. 

The new prices will be effective from December 01, 2023.

To note, in the previous fortnight, the caretaker government decided to cut the price of petrol and HSD by Rs2.04 and Rs6.47 per litre.

It is important to mention that global oil prices remained under pressure during November 15 to November 30, driven by demand headwinds, along with delayed OPEC+ meeting regarding production cuts.

Accordingly, the average prices of the three global oil benchmarks, including Brent Crude, WTI, and Arab Light declined.

On the currency front, the Pakistani Rupee (PKR) has remained almost stable at 285.74 per USD as against last fortnight's weighted average rate of ~286.1 per USD.

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Posted on: 2023-11-30T23:40:36+05:00