Petroleum product likely to be expensive for second consecutive time

Islamabad: The prices of major petroleum products, petrol, and high-speed diesel, are expected to increase by Rs5-6 per liter again from November 16 due to the increase in international prices and import premium on petrol, GNN reported.

According to the details, sources said that the average prices of petrol and high-speed diesel in the international market have increased by $1.7 and $ 4.4 per barrel respectively during the last 15 days.

The import premium on petrol is about $1 per barrel. Based on the final exchange rate calculation and current tax rates, the prices of petrol and high-speed diesel are likely to increase by Rs5-6 per liter respectively.

Officials said that the average price of petrol in the international market has increased from $75.6 to about $ 77.2 per barrel and diesel has increased from about $83.6 to $88 per barrel in the last fortnight.

During the current fortnight, the import premium on petrol increased from $8.8 to $9.80 per barrel, and for diesel it remained at $5 per barrel. The exchange rate also appreciated against the rupee during this period.

At present, the ex-depot price of petrol is Rs248.38 per litre and high-speed diesel is Rs255.14 per litre. On October 31, the government increased the prices of petrol and high-speed diesel by Rs3.85 and Rs1.35 per litre respectively.