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In the midst of the ongoing turmoil in the Middle East, there has been a notable increase in global oil prices, leading to the possibility of a corresponding rise in petrol and diesel costs in Pakistan.
It is anticipated that petrol prices in Pakistan may see an uptick of Rs3.55 per liter, while diesel prices could potentially climb by Rs0.82 per liter.
It’s worth noting that international petrol and diesel prices have surged by $3.14 and $1.14 per barrel, respectively.
Also Read: Petrol Prices Drop By Rs.40 Per Litre in Pakistan
However, it’s crucial to keep in mind that there is still a week left before the next pricing update is scheduled. Today, the local currency depreciated by 11 percent, closing at Rs279.12, marking a 32 paisa drop compared to its previous closing rate of Rs278.80 on October 20.
On a positive note, the Pakistani rupee (PKR) has made modest gains, strengthening by approximately 4 rupees, or 1.42 percent, compared to the average rate of Rs282.37 per US dollar in the previous two weeks.
The future trajectory of these prices will heavily rely on global market conditions and the exchange rate.
The government is set to announce the next bi-weekly update on October 31, 2023.
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