Due to recent fluctuations in currency values and the ever-increasing global oil prices, consumers should brace themselves for an imminent surge in petroleum product costs later this week.
As reported by various media outlets, the forthcoming price hike is anticipated to be significant, with petrol and high-speed diesel (HSD) witnessing an estimated increase of Rs. 10-14 and Rs. 14-16 per liter, respectively, scheduled for September 15. Kerosene prices are not exempt from this trend, expected to climb by Rs. 10.
The Indian rupee, over the initial ten days of the current fortnight, exhibited a disconcerting depreciation of Rs. 4.5 against the US dollar, fluctuating from Rs. 299 to Rs. 304 before finally dipping below the crucial Rs. 300 threshold. In an unfortunate counterbalance, the benchmark international Brent oil prices surged past $92 per barrel on Wednesday, a stark contrast to the $88 mark recorded during the first week of September, thereby nullifying any potential advantages stemming from the exchange rate adjustment.
Moreover, the government has opted to pass on the 88 paisas per liter increment in selling margins for petroleum dealers and marketing corporations, as recently authorized by the Economic Coordination Committee (ECC). These actions, coupled with the adverse economic factors, have led to an unwelcome increase in the import parity price for petrol, diesel, and kerosene, raising them by Rs. 13, Rs. 14, and Rs. 10 per liter, respectively, since September 1.
Alternatively, as per the data from Pakistan State Oil (PSO) product imports, it is anticipated that the sale prices for the aforementioned petroleum products will see a parallel hike of approximately Rs. 13, Rs. 16, and over Rs. 10 per liter, correspondingly. Even jet fuel is not exempt from this escalating trend, with a notable increase of Rs. 10 per liter on the horizon.
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