Petrol price is projected to rise by Rs1.32 per litre while Kerosene likely to fall by Rs6.25 per litre

dna

ISLAMABAD: Petroleum product prices are expected to see mixed changes from August 16 for the next fortnight, driven by a drop in global oil rates, The News reported.

Officials have calculated a reduction of Rs11.75 per litre in the price of high-speed diesel, while petrol is projected to rise by Rs1.32 per litre.

Kerosene price is likely to fall by Rs6.25 per litre, and Light Diesel Oil (LDO) may see a decrease of Rs7.11 per litre.

The new price of HSD is likely to settle down at Rs274.08 per litre from the existing price of Rs282.83 per litre. However, the price of Mogas (petrol) is likely to increase to Rs265.93 per litre from the existing Rs264 per litre. The new price of LDO may settle at Rs163 from the existing price of Rs170.36 per litre.

The government is already charging Petroleum Levy and Carbon Levy of Rs80.52 on one litre of petrol and Rs79.51 on HSD in addition to getting IFEM (inland freight Equalization margin) of Rs8.70 on one litre of petrol and Rs4.06 on diesel.

WTI crude oil futures dropped to $62.7 per barrel, the lowest in over two months, after the International Energy Agency forecast a growing oil surplus this year and next.

Inventories are expected to rise at a record pace and hit a 46-month high by June 2026, reinforcing the US government’s similar outlook.

The US oil production is projected to peak this year before declining next year, boosted by greater efficiency at the existing wells.