ISLAMABAD: Pakistan is likely to witness a reduction in the prices of petrol and high-speed diesel (HSD) by approximately Rs5-6 per litre for the third consecutive fortnight, according to forecasts based on recent international market trends and exchange rate fluctuations.
The expected decrease follows a decline in global oil prices, with crude oil prices dropping by $2 to $2.30 per barrel in the last two weeks. Currently, the average price of crude oil on the international market stands at around $80.40 per barrel, down from approximately $82.50 per barrel previously. Likewise, the price for HSD has fallen to about $88 per barrel from $90.30.
This decrease in international oil prices, coupled with a modest appreciation of the Pakistani rupee, has influenced the projected price drop in domestic petroleum products. Over the current fortnight, the import premium on petrol has decreased by 50 cents per barrel, settling at $8.50, while the premium on HSD has remained unchanged at $5 per barrel. Meanwhile, the Pakistani rupee has strengthened by 25 cents against the US dollar over the past two weeks.
Currently, the ex-depot price of petrol in Pakistan is Rs260.96 per litre, and HSD is priced at Rs266.07 per litre. In the previous pricing review conducted on August 14, the government had reduced the prices of petrol and HSD by Rs8.47 and Rs6.70 per litre, respectively.
Including this forthcoming adjustment, the total reduction in petrol and HSD prices over the past month will amount to Rs14.64 and Rs17.56 per litre, respectively. This includes earlier reductions of Rs6.17 and Rs10.86 per litre on July 31.
Prior to these recent reductions, there had been increases in prices by Rs17.44 and Rs15.74 per litre in the first fortnight of July. Between May 1 and June 15, petrol and HSD prices had been cut by about Rs35 and Rs22 per litre, respectively.
