Fluctuations in International Market Impacting Domestic Prices
The continuous ups and downs in the international oil market are having a direct impact on domestic fuel prices. Recently, a rise in crude oil prices has been observed, leading to speculations that petrol and diesel rates might increase starting May 1. An official announcement regarding this is expected to be issued tomorrow.
Expected Hike in Petrol, Diesel, and Kerosene Prices
According to the information available, petrol and diesel prices are likely to go up by ₹1.30 per liter starting the night of April 30. Additionally, kerosene prices may see an increase of ₹1.35 per liter. It’s worth noting that the government recently raised the levy on petrol by ₹8.02, bringing it to ₹78.02 per liter, and increased the levy on high-speed diesel by ₹7.01. However, these changes did not have an immediate impact on consumers.
Current Crude Oil Rates
At present, Brent crude oil is priced at $65.52 per barrel, while WTI crude stands at $61.87 per barrel. This movement in prices is largely attributed to expectations of increased supply in the global market and uncertainties surrounding tariff negotiations between the US and China.
Current Fuel Prices in Pakistan
Looking at neighboring Pakistan, petrol is currently priced at ₹254.63 per liter, while high-speed diesel costs ₹258.64 per liter. In the last fortnight, a reduction of ₹8.27 per liter for petrol, ₹0.96 per liter for high-speed diesel, and ₹7.21 per liter for light-speed diesel was recommended. Similarly, the regulatory authority also suggested a ₹7.21 per liter cut in the price of kerosene.
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