- Officials expect a decline in POL prices in global markets.
- The price of kerosene is expected to fall by Re 0.11 per litre.
- The price of LDO is expected to fall by Re0.04 per liter.
ISLAMABAD: Petrol prices are expected to increase by Rs 3 per liter and diesel by Rs 2.87 per liter from December 1 for the next fortnight, due to a slight increase in international prices over the last 12 days, News reported Thursday.
However, officials expect a decline in POL prices in global markets starting Thursday or Friday due to the ceasefire between Israel and Hezbollah; therefore no change in POL prices.
Brent crude was up 2 cents at $72.83 a barrel, while U.S. West Texas Intermediate crude slipped 5 cents to $68.72.
As per the work based on 12 days of the current fortnight, the hike in petrol price of Rs3 per liter has been calculated and it may settle at a new price of Rs251.38 per liter as compared to the current price of Rs248.38. per liter.
Similarly, the price of diesel is estimated to increase by Rs 2.87 per liter from Rs 255.14 to Rs 258.01 per litre.
However, the price of kerosene is expected to fall by Re 0.11 per liter to Rs 165.49 from the existing Rs 165.60 per litre.
The price of LDO (light diesel) is expected to fall by Re 0.04 per liter to Rs 152.17 from Rs 152.21 per litre.
In the previous fortnightly revision, the federal government maintained the prices of petrol and high-speed diesel (HSD) based on the price development in the international market.
Gasoline is mainly used in private transport, small vehicles, rickshaws and two-wheelers. Rising fuel prices have a significant impact on the budgets of members of the middle and lower classes, who mainly consume gasoline for their commute. On the other hand, a significant portion of the transportation sector relies on high-speed diesel.
Its price is considered inflationary as it is mainly used in heavy trucks, trucks, buses, trains and agricultural machinery such as tractors, tube wells and threshers.
High-speed diesel consumption is particularly contributing to the rise in prices of vegetables and other food items.