Fuel Prices to Stay Steady Until November 15: Government Announcement

While the rupee had shown remarkable gains, recent weeks have seen a slight depreciation against the US dollar. Internationally, oil prices have inched higher due to changes in euro zone inflation and increased OPEC output.

Karobar Karobar
Nov 1, 2023 - 17:57
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Fuel Prices to Stay Steady Until November 15: Government Announcement

In a recent announcement, the caretaker government has declared that there will be no changes in petrol and diesel prices until November 15. This decision aims to provide a sense of stability in fuel costs for consumers.

Moreover, as part of this move, the government has also decreased the prices of kerosene and light-speed diesel by Rs3.82 and Rs3.40 per litre, respectively. This adjustment sets the new prices for kerosene at 211.03 per litre and light-speed diesel at 189.46 per litre, offering some relief to the public.

Rupee's continuous strengthening against the US dollar.

This decision follows the caretaker government's previous revision on October 15, where it significantly reduced petrol and diesel prices by Rs40 and Rs15 per litre, bringing them down to 283.38 and 303.18 per litre, respectively. These changes were attributed to the rupee's continuous strengthening against the US dollar and fluctuations in global petroleum product prices.

Notably, the Pakistani rupee made impressive gains after hitting a record low of 307.1 against the US dollar on September 5. Over the following 28 trading sessions, it rebounded with an almost 11% increase. This surge was largely due to intensified efforts to combat smuggling and increased regulation of exchange companies. However, it's worth mentioning that in the past two weeks, the rupee has experienced a slight depreciation against the US dollar.

On the international front, oil prices have witnessed a slight uptick. This is partly due to a drop in euro zone inflation, which has raised hopes that the European Central Bank is unlikely to pursue further interest rate hikes. Additionally, this increase in oil prices has offset the effects of higher OPEC output.

Brent crude futures for December delivery saw a 0.4% rise, or 32 cents, reaching $87.77 per barrel by 11:42 a.m. ET (1542 GMT) on Tuesday, shortly before their expiry.