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Friday February 23, 2024

Petrol prices to hold steady, diesel and kerosene to decline, industry estimates

By Our Correspondent
November 30, 2023

KARACHI: Petroleum prices are expected to remain largely unchanged in the next fortnightly review, while diesel and kerosene prices are likely to decline, according to the oil industry’s calculations on Wednesday.

The ex-refinery and ex-depot prices of petroleum products did not register any major fluctuation as global crude prices eased in recent days, industry officials said.

The ex-depot price of petrol, the most widely used fuel in the country, is slightly higher by Rs0.19 per litre to Rs281.53 per litre compared to the current price of Rs281.34 , they said.

A large number of vehicles stand in a queue to fill their vehicle petrol tanks at a petrol pump in Islamabad, on May 24, 2022. — Online
A large number of vehicles stand in a queue to fill their vehicle petrol tanks at a petrol pump in Islamabad, on May 24, 2022. — Online

The ex-depot price of high speed diesel (HSD), used mainly for transport, has been worked out at Rs290.47 per liter for the next fortnight compared to the existing price of Rs296.71 , showing a decline of Rs6.24 rupees per liter.

The ex-depot price of kerosene, used for cooking and lighting in rural areas, has been worked out at Rs202.16 per liter compared to the current price of Rs204.98 , indicating a decrease of Rs2.82 per liter.

The ex-depot price of light speed diesel, another variant of diesel, has been worked out at Rs176.18 per liter for the next review against the present price of Rs180.45 , registering a decline of Rs4.27 per liter, industry officials said.

According to the industry’s working, the estimated exchange adjustment of petrol is zero whereas it is Rs1.80 per liter for HSD.

However, the industry officials said that the prices of petroleum products can change with the exchange loss as the industry did not put the exchange loss figure in its working for the next review.

The country fixes fuel prices on a fortnightly basis after evaluating fluctuating international energy market costs and the rupee-dollar parity to transfer the impact on domestic consumers.

They said global oil prices remained under pressure during November, falling below $75 a barrel in mid-November.

WTI was trading at $76.5 a barrel on November 29, down by nearly 7 percent as compared to October 29. Brent was down by 5.4 percent in the past month, trading at $86.35 a barrel, they added.