Another drop in fuel costs of up to Rs. 10 per litre is anticipated in Pakistan on November 15. According to preliminary estimates, the price of MS Petrol would reduce by Rs. 8 and that of High-Speed Diesel by Rs. 10.
In the following week, local petrol and diesel prices might drop to Rs. 275.38 and Rs. 293.18, respectively, if global prices stay positive for the next several days. This would take effect on November 15, 2023.
The decline of the Pakistani rupee since October 15, which has resulted in the local currency losing Rs. 10.2/$ to date, may counteract the effect of reduced international petroleum prices.
Notably, over the week, HSD dropped to $104 on average, saving $8–9 per barrel, while gasoline saw a $1–$90 decline.
In case you forgot, the price of gasoline and high-speed diesel increased by Rs. 58.43 and Rs. 55.83 per litre, respectively, between August 15 and September 15, reaching a record-breaking Rs. 331-333 per litre at retail till September 30. Later, due to the PKR’s massive recovery from below 300 to above 278, fuel and diesel rates were slashed by Rs. 52 and Rs. 26 per litre, respectively, on the 1st and 15th of October.
The rates of gasoline and HSD were kept at Rs. 303.18 and Rs. 283.38 per litre, respectively, on October 31. Despite hopes for a respite of up to Rs. 18 per litre, the interim administration kept gasoline prices at the last fortnightly review.
Notably, the PKR has depreciated 3.5 percent to 287/$ compared to a fortnightly average of 277/$ on October 16, while the prices of WTI, Brent, and Arablight dropped by ~11.6 percent, ~11.1, and ~9.6 percent, respectively.
