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Petrol, Diesel Prices Likely to Increase Tonight

MS petrol and High-Speed Diesel (HSD) prices are expected to rise sharply today despite the international oil market's neutral reaction to the surprise Iran strike on Israel last week. The new federal government is expected to hike the price of petrol and diesel by Rs. 2.5 per liter and Rs. 8.5 per liter each on April 15, 2024. If the government transfers the burden of the increased price to the public, this would mark the second consecutive increase in the coalition government's tenure to date. The upward forecast is based on international prices for HSD, petrol, and crude oil, which showed big spikes in the first week of April. Notably, the Pakistani rupee remained stable at 278-279 during the last two weeks. In the first week of April, international prices for petrol and HSD rose by approximately $4 and $4.50 per barrel respectively. This surge is expected to push MS rates to Rs. 291.91 per litre. Conversely, while HSD prices surged in the international market, the import premium paid by Pakistan Stat e Oil remained steady at $6.50 per barrel. It is expected that the price of HSD will be increased to Rs. 294.06 per liter in Pakistan. Globally, the Brent crude futures market and other physical markets in the Middle East, Europe, and Africa have been reflecting tighter supply at around $80-90 per barrel, owing in part to shipping delays in the region in the past months. Source: Pro Pakistani