Lower oil prices likely to bring down petrol, diesel prices by Rs9, Rs7

MG News | November 30, 2023 at 10:08 PM GMT+05:00

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November 30, 2023 (MLN): Petrol and High-Speed Diesel (HSD) prices are likely to see a downward revision by around Rs9 and Rs7 per litre, respectively, on the back of a notable fall in international oil prices.

Owing to a decline in international petroleum product prices, the latest ex-refinery price of petrol works out to be Rs189.4, as against Rs198.41 per litre in the previous fortnight.

Similarly, diesel prices are expected to decrease by around Rs7.32 per litre, with its ex-refinery price reflecting a cost of Rs211.94 per litre, compared to Rs219.26 per litre in the previous fortnight.

The government will announce the next fortnightly prices today at midnight.

To note, 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.

Meanwhile, the average prices of the three global oil benchmarks, including Brent Crude, WTI, and Arab Light, indicate a decline in petrol prices of approximately 1.55% or Rs4.35 per litre.

Weighted Average Price
	30-Nov	15-Nov	Change in %
Brent	81.34	82.76	-1.71%
WTI	76.48	78.46	-2.52%
Arab Light	85.63	87.09	-1.68%
USDPKR	285.74	286.0986	-0.13%

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