Petrol likely to get cheaper, diesel costlier in coming fortnight

December 28, 2023 (MLN): The fuel prices are expected to remain comparatively stable for the next fortnight, with the petrol price likely to see a probable reduction of around Rs1, while high-speed diesel (HSD) is expected to experience an increase of Rs1.3 per litre.

The anticipated decline in petrol price is owed to a slight downside observed in international petroleum product prices since the last fortnight.

Conversely, the price of High-Speed Diesel (HSD) is expected to witness a slight increase due to a slight uptick in international diesel prices.

Moreover, the local currency has witnessed marginal appreciation against the USD since last fortnight's decision, standing at a weighted average rate of around PKR 282.62 per USD.

Pricing estimates till December 27 show that the international petrol price has fallen by around 0.5%.

It is worth noting that there is one more session left for the next pricing update, thus the future trajectory of these prices will depend largely on the global market movements and the exchange rate.

To recall, in the last fortnight, the government slashed petrol and diesel prices by Rs14 and Rs13.50 per litre, respectively

The government will announce the new prices at midnight on December 31, 2023.

On the other hand, the key oil benchmarks, brent crude and WTI, show around a 4% increase in prices since the last fortnight.

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