According to official sources, the cost of major petroleum products, including petrol and high-speed diesel (HSD), is expected to rise by around Rs5.50 and Rs13 per litre, respectively, starting October 16.
Currently, petrol’s average price in the international market has risen to nearly $79 per barrel, up from about $76, while HSD has climbed from $80.5 to approximately $87.5 per barrel.
Despite these international price hikes, the import premium for both petrol and HSD remained stable at $8.7 and $5 per barrel, respectively, with the exchange rate remaining relatively consistent during this period.
Moreover, the government is likely to increase the profit margin for oil companies by Rs1.35, raising it to Rs9.22 per litre. For petrol dealers, the proposed increase is Rs1.40, bringing their margin to Rs10.04 per litre.
Earlier, on October 1, the government had cut the price of petrol by Rs2.07 per litre for the next fortnight, bringing the rates down from Rs249.10 to Rs247.03 per litre.
Mutib Khalid is a skilled content writer and digital marketer with a knack for crafting compelling narratives and optimizing digital strategies. Excel in creating engaging content that drives results and enhances online presence. Passionate about blending creativity with data-driven approaches, Mutib Khalid helps brands connect with their audience and achieve their goals.