Petrol prices likely to increase amid global oil crisis

MG News | October 23, 2023 at 03:17 PM GMT+05:00

0:00

October 23, 2023 (MLN): The surge in global oil prices amid the Middle East conflict suggests an upward trend in petrol and diesel prices, with petrol expected to increase by Rs3.55 and diesel by Rs0.82 per litre.

To note, international petrol and diesel prices have recorded an increase of $3.14 and $1.14 per barrel, respectively.

On the other hand, the Pakistani Rupee (PKR) has recorded a slight gain of around 4 rupees or 1.42% compared to the last fortnight’s weighted average rate of PKR 282.37 per USD.

However, it is pertinent to note that there is still a week left for the next pricing update, thus the future trajectory of these prices will largely hinge on global market dynamics and the exchange rate.

The government will announce the next fortnightly update on October 31, 2023.

Weighted Average Price
	23-Oct	15-Oct	Change in %
Brent	91.18	87.46	4.26%
WTI	87.38	85.38	2.34%
Arab Light	94.63	90.66	4.38%
USDPKR	278.35	282.37	-1.42%

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