Petrol product prices expected to move slightly over the next two weeks due to a minor increase in the price of Brent crude globally, according to projections made by the oil sector on Thursday.
Govt. Likely To Unchanged Petrol Prices For Next Fortnight
Moreover, the new pricing will announce by the government on December 31, in accordance with its bi-monthly schedule.
They will take effect on January 1, 2024, and will valid through January 15.
Industry projections indicate that the price of petrol and kerosene oil will likely drop by Rs. 1 per litre.
While the price of light diesel oil (LDO) and high-speed diesel (HSD) may rise by Rs. 2 per liter.
OMCs Projections
These projections from Oil Marketing Companies (OMCs) rely on a scenario in which there are no changes made to the general sales tax (GST), petroleum levy (PL), or currency rate.
Currently, the government levies a PL of Rs. 60 per litre on petrol and HSD while charging no GST.
Since December 16, 2023, Brent prices have varied internationally between $77.95 and $81.07 per barrel.
The government used an exchange rate of Rs. 284.28 to the US dollar for the most recent review.
According to data from the Pakistan Bureau of Statistics (PBS), imports of refined goods fell by 29% to $499 million in November 2023 from $708 million the year before.
Imports of Crude Oil
On the other hand, imports of crude oil rose by 4% to $566 million from $546 million during the same month the previous year.
The first five months of the fiscal year 2023 saw a notable 16% decrease in the sale of petroleum products, according to the Oil Companies Advisory Council (OCAC).
This fall is due to higher petrol prices than the same period the previous year.
Meanwhile, corporations involved in the transportation of crude oil ceased operating some tankers via the Red Sea due to the possibility of drone and missile assaults by the Houthis.
According to analysts, rerouting the vessels would result in delays and increased travel expenses, which would push up oil prices.
To read our blog on “Petrol price slashes by Rs. 14 and HSD by Rs. 13.50/liter,” click here.
