Amidst the ongoing conflict in the Middle East, global oil prices have gone up, suggesting that petrol and diesel prices in Pakistan might follow suit.
It is expected that the cost of petrol in Pakistan could rise by Rs3.55 per liter, and diesel prices might increase by Rs0.82 per liter.
It’s important to note that international prices for petrol and diesel have increased by $3.14 and $1.14 per barrel, respectively.
However, it’s essential to remember that there’s still a week before the next price update takes place. Today, the local currency depreciated by 11 percent, closing at Rs279.12, which is a 32 paisa drop compared to its last closing rate of Rs278.80 on October 20.
On a positive note, the Pakistani rupee (PKR) has experienced a modest gain, strengthening by about 4 rupees, or 1.42 percent, compared to the previous two weeks’ average rate of Rs282.37 per US dollar.
The future direction of these prices will heavily depend on global market conditions and the exchange rate.
The government is scheduled to announce the next fortnightly update on October 31, 2023.