ISLAMABAD – The prices of petroleum products in Pakistan are expected to climb from November 16, with proposed increase of up to Rs 9.60 per litre for second half of this month.
Reports in local media said the petroleum industry recommended Rs 9.60 per litre hike in price of diesel, while petrol price could coudl see around Rs1.96 per litre. The price of kerosene oil may go up by Rs8.82 per litre, whereas light diesel oil is likely to move up by Rs 7.15 per litre.
With expected changes, the new price of petrol will be Rs263.49 per litre, and Diesel will rise to Rs 288.04 per litre.
Oil and Gas Regulatory Authority (OGRA) will forward summary to the federal government on Saturday, after which the Prime Minister will give final approval. The Ministry of Finance will then issue an official notification announcing the revised prices.
Oil prices fell sharply this week after OPEC projected that the global oil market will reach balance by next year, reversing its earlier forecast of a supply deficit. Rising non-OPEC production, particularly from the U.S., Brazil, and Guyana, and recovering inventories contributed to the outlook.
Brent crude fell 3.67% to $62.77 a barrel, and WTI dropped 4.1% to $58.55. Global demand is expected to grow by 1.6 million barrels per day, but not enough to tighten supply, suggesting stable market conditions through the mid-2020s.
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