ISLAMABAD: Prices of major petroleum products in Pakistan may go up by Rs5-6 per litre with effect from October 1 because of rapid devaluation of the rupee and higher oil prices in the Middle East.
A senior official of the Oil and Gas Regulatory Authority (Ogra) said here yesterday that crude prices in Middle East had gone up from $108 to $112 per barrel because of the US-Syria standoff in the first three weeks of the current month. The declining value of the rupee, he added, had significantly contributed to higher import prices.
“We faced double jeopardy this month in the shape of 3.7 percent increase in international crude price and sliding rupee value, negatively impacting import parity prices by more than 7 percent,” the official said. As a result, the prices of all petroleum products would now move up to three digits.
He said international prices were showing a little respite in the last week of September amid diplomatic efforts towards resolution of the Syria crisis that might have a positive impact on Pakistani market next month.
But ships for current month have either delivered petroleum products or have been booked. He said the ex-depot price of petrol and high octane blending component could rise by Rs5 and Rs6 per litre, respectively. The price of petrol is likely to go up to Rs114.14 per litre for ex-depot sales from Rs109.14. The ex-depot price of kerosene oil will go up to 109.24 from Rs105.99 per litre and that of high speed diesel to Rs115.38 from Rs112.26 per litre. The price of light diesel oil will be increased by about Rs2.89 per litre to Rs101.32 from Rs98.43 and that of high octane blending component to Rs6 per litre to Rs144.33 per litre. Internews