Petrol price in Pakistan likely to go down by Rs3-5 from June 16

The Pakistani government is expected to lower petrol prices for the second time this month today, following a drop in the ex-depot petrol price.

According to industry insiders, the diesel price would likely rise by Rs5 per litre in today’s fortnightly pricing review, which will take effect on June 16.

In the instance of petrol, the price would most likely fall by Rs3-5 in the fortnightly review if the government left the exchange rate adjustment at zero.

According to industry estimates, the ex-depot price of high-speed diesel (HSD) will rise by Rs3.29 per litre to Rs256.29 per litre, up from Rs253 per litre.

According to industry insiders, the government merely adjusted the fuel price by Re0.13 in the most recent pricing review. If it is adapted to Rs3-4 in today’s review, the price per litre may rise by Rs5.

According to the calculations, the ex-depot price of fuel is decreasing from Rs1.87 per litre to Rs260.13 per litre from Rs262 per litre. Similarly, the ex-depot price of light-speed diesel may range from Rs147.68 to Rs150.16 per litre.

According to reports, the exchange rate is also on the rise for the next price review, having risen by Rs0.63/litre to Rs286.69 from Rs286.06/litre against the dollar.

They indicated that the industry’s operation was provisional and that whether the government would accept the actual difference in the pricing of petroleum products or change the prices would be known only when the government made its final judgement.

When asked about the Russian crude oil import and its impact on petroleum product pricing in the next two weeks, they responded that it would have no effect on today’s price review because it was recently supplied to Pakistan and processing of this crude began on Wednesday.

Russian crude oil refined products would reach the market in two weeks. However, they stated that even after the delivery of these products, the market may not see a significant impact on domestic prices due to the low quantity compared to the country’s consumption.

They noted that even after the arrival of the second cargo on June 20, it would not have any impact on consumer prices until the share of Russian crude oil goes over 30% in total import of crude oil.

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