Petrol Likely to Dip, Diesel May Rise in the Upcoming Fortnight

Fuel consumers can expect relative stability in prices over the next fortnight, as petrol is anticipated to undergo a possible reduction of approximately Rs1 per litre, while high-speed diesel (HSD) might see a modest increase of Rs1.3.

The potential drop in petrol prices can be attributed to a marginal decrease observed in international petroleum product prices in the past two weeks. Conversely, High-Speed Diesel (HSD) is likely to experience a slight uptick in price due to a minor increase in global diesel prices.

Additionally, the local currency has marginally appreciated against the USD since the last pricing update, standing at a weighted average rate of approximately PKR 282.62 per USD.

According to pricing estimates until December 27, the international petrol price has dipped by around 0.5%. However, it's crucial to note that one more session remains before the next pricing update, and the future trajectory of prices will hinge on global market movements and the exchange rate.

Recalling the last fortnight's decision, the government had reduced petrol and diesel prices by Rs14 and Rs13.50 per litre, respectively.

The eagerly awaited new prices will be announced at midnight on December 31, 2023. Meanwhile, key oil benchmarks, Brent crude and WTI, indicate a 4% increase in prices since the last fortnight.

Weighted Average Price Comparison: