Today is the last day of this month, which means new petrol prices for the next fortnight will be announced by tonight. As the caretaker government struggles to keep the electricity prices in control, the media reports say they cannot keep petrol prices in check. As per news outlets, these prices are expected to be announced by tonight.

New Petrol Prices

As per the oil industry operations, the ex-depot prices of petroleum products are anticipated to witness notable increases. 

Based on this evaluation, the ex-depot petrol price could hike exactly by Rs. 9.65 per liter, reaching Rs. 300.10 per liter for the upcoming two weeks. This is compared to the current price of Rs. 290.45 per liter.

Similarly, the price of high-speed diesel is projected to experience a more substantial hike of Rs. 19.42 per liter during the next fortnight. If this prediction holds true, the diesel price would climb to Rs. 312.82 per liter, up from its present rate of Rs. 293.40 per liter.

Kerosene’s price is also expected to rise by Rs. 13.82 per liter, causing its ex-depot price to peak at Rs. 230.97 per liter. This contrasts with its current price of Rs. 217.15 per liter. Likewise, the ex-depot price of light diesel may increase by Rs. 8.65 per liter, with its anticipated rate being Rs. 208.45 per liter, as opposed to the current Rs. 199.79 per liter.

Reasons Behind Price Hike

The primary factor influencing these price hikes is the exchange rate, which has experienced a significant depreciation in the last fifteen days. The average exchange rate for the forthcoming fortnightly price review is estimated to be Rs. 298.18 against the US dollar, compared to the previous rate of Rs. 288.25 per dollar. This marks an increase of Rs. . 9.93. The recent decline in the value of the rupee is attributed to heightened pressure due to increased imports.

Since petroleum product prices are determined based on the average exchange rate of Pakistan State Oil (PSO), it’s anticipated that the estimated exchange rate impact would be Rs. 2 per liter for petrol and Rs. 7 per liter for high-speed diesel.

So, are you ready for these new fuel prices or not? Tell us in the comments below!