Petrol prices are expected to increase in Pakistan on November 1
Amid ongoing conflicts in the Middle East, global oil prices have risen, suggesting that petrol and diesel prices in Pakistan may follow suit. Petrol price in Pakistan is expected to increase by Rs 3.55 per liter and diesel price by Rs 0.82 per liter.
Due to ongoing tensions in the Middle East, many people in Pakistan are worried about the possible hike in petrol and diesel prices. Global oil prices are on the rise, and this may increase prices at the pump for Pakistani consumers.
Why are prices rising?
The main reason for this potential increase is the rise in international oil prices. Currently, the international prices of petrol and diesel have increased by $3.14 and $1.14 per barrel respectively. This increase in global oil prices has a direct impact on fuel prices in Pakistan.
Impact on Pakistani consumers
If these trends continue, it is expected that petrol price in Pakistan may increase by Rs 3.55 per liter and diesel price by Rs 0.82 per liter. This means that filling up your car or bike can be more expensive, affecting many household budgets.
Exchange rate and its role
Another factor that contributes to these price changes is the exchange rate. Today, the local currency, the Pakistani rupee (PKR), depreciated by 11 percent to close at Rs 279.12 per US dollar. This is a decrease of 32 paise from the last closing price of Rs 278.80 on October 20. However, it's not all bad news as the Pakistani rupee has appreciated marginally, strengthening by about 4 rupees, or 1.42 percent, to an average of 282.37 rupees per US dollar over the past two weeks.
what's next?
Please be aware that the upcoming price update is a week from today. The future trajectory of petrol and diesel prices in Pakistan hinges on global market conditions and exchange rates. The government will release the next bi-weekly update on October 31, 2023.
Finally, although the prospect of petrol and diesel price hikes in Pakistan is a concern, it is important to keep an eye on global events and currency fluctuations. These factors will determine whether prices at the pump will increase from November 1. In the meantime, it might be a good idea to plan your budget accordingly and consider alternative transportation options if possible.
