Petrol prices set for major hike from October 16

After the consecutive reductions, petroleum prices in Pakistan are set to increase again in line with hte international prices linked to the escalating Middle East crisis.

According to official sources, the cost of major petroleum products, including petrol and high-speed diesel (HSD), is expected to rise by around Rs5.50 and Rs13 per litre, respectively, starting October 16, and will remain in effect until the end of the month.

These adjustments follow a global surge in crude prices, with petrol increasing by an average of $2.8 per barrel and HSD by $7 per barrel in recent weeks.

The final price hikes will depend on exchange rate fluctuations and existing tax rates, but the estimated increases reflect global trends.

Currently, petrol's average price in the international market has risen to nearly $79 per barrel, up from about $76, while HSD has climbed from $80.5 to approximately $87.5 per barrel.

Despite these international price hikes, the import premium for both petrol and HSD remained stable at $8.7 and $5 per barrel, respectively, with the exchange rate remaining relatively consistent during this period.

In last review, the government announced a reduction in petroleum prices.

The price of petrol was decreased by Rs 2.7 per liter.

High-speed diesel saw a reduction of Rs 3.40 per liter, while light diesel was lowered by Rs 1.30 per liter.