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Economy

Minor adjustment is anticipated in the domestic petroleum prices for the next fortnight

ISLAMABAD: For the latter part of March 2024, the government is expected to implement minor adjustments in petroleum prices.

As per the latest assessments, the price of petrol is slated to rise by Rs1.07 per litre, while the price of high-speed diesel (HSD) is forecasted to decrease by Rs0.82 per litre.

Based on data from March 12, 2024, the ex-refinery price of petroleum indicates a slight uptick, with petrol prices hovering around Rs197.30 per litre, a marginal increase from Rs196.23 per litre in the preceding fortnight.

In contrast, the ex-refinery price of HSD reflects a slight decline to approximately Rs206 from Rs206.82 per litre.

The Pakistani Rupee has demonstrated stability against the USD, maintaining a weighted average rate close to PKR 279.22 per USD.

It’s worth noting that there are still three more sessions remaining for the upcoming pricing update, and final prices will be contingent on global market fluctuations and the exchange rate.

The government is scheduled to unveil the new prices at midnight on March 15, 2024, which will remain effective for the latter part of March.

Recalling the previous fortnight, the government had increased the price of petrol by Rs4.13 to reach Rs279.75 per litre, while maintaining the price of HSD at Rs287.3 per litre.

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I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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