Get ready to loosen those purse strings a bit more, folks! Brace yourselves as the Government of Pakistan is gearing up to share some not-so-pleasant news regarding fuel prices tomorrow.
HSD Hike
Word on the street is that high-speed diesel (HSD) might take a hefty hit, with a potential increase of Rs. 8 per liter looming on the horizon, effective February 16, 2024. That’s right, you might soon find yourself shelling out Rs. 293 for a liter of HSD, up from the current Rs. 285. Ouch!
But hey, before you start feeling too blue, let’s delve into the nitty-gritty of what’s driving this surge in fuel prices. Apparently, it’s all about those premium rates and exchange rate jitters playing havoc with the government’s calculations. You know how it is – the whims of the global market can send ripples all the way down to our local fuel pumps.
LDO Might Follow Suit
And it’s not just HSD feeling the pinch. Light diesel oil (LDO) might also get a tad pricier, with murmurs suggesting a possible Rs. 2.50 hike per liter. Kerosene oil, however, might catch a break this time around, as the powers that be mull over keeping its price steady.
Now, don’t go expecting any relief at the petrol station for your MS petrol. The rates are likely to stay put for the upcoming fortnightly review. So, if you’re a petrolhead, at least there’s a silver lining in this cloud of rising fuel prices.
Speaking of clouds, the global market seems to be brewing up its own storm. Reports suggest that Brent prices are on the rise, up by around $1.5 per barrel to a hefty $83. And guess what? That’s not all. HSD costs have also seen an uptick of roughly $3 per barrel during the same period. So yeah, things are definitely heating up out there.
PSO Keeping the Wheels Turning
Let’s not forget about our friends at Pakistan State Oil (PSO). They’ve been doing their bit, paying premiums left, right, and center – $9.43 per barrel for petrol and $6.50 per barrel for HSD. Talk about keeping the wheels turning, even when the going gets tough.
But hey, it’s not all doom and gloom. Sure, prices have been climbing steadily for much of the fiscal year, but we’ve weathered storms before, haven’t we?
Stay tuned to Brandsynario for the latest news and updates.