Monday, July 22, 2024

Here’re the Main Reasons for Massive Increase in Petroleum Prices in Pakistan

There are several reasons behind the recent increase in fuel prices in the country.

According to official documents, the prices have gone up due to factors such as higher margins for oil marketing companies and dealers, the weakening of the Pakistani rupee, and an increase in global oil prices.

The cost of crude oil in the international market has risen from $88.55 per barrel to $93.93 per barrel, causing the per-liter price of petrol to go up from Rs. 228.59 to Rs. 252.13.

Additionally, the margins for oil marketing companies have increased by 47 paise per liter, and dealers’ commissions have gone up by 41 paise, resulting in OMC margins of Rs. 6.47 per liter and dealers’ commissions of Rs. 7.41 per liter for petrol.

The Ministry of Finance has indicated that these margins and commissions may see further increases.

Furthermore, the preferred rate for purchasing petroleum products has seen a hike of Rs. 1.60 per liter, and the freight rate for petrol per liter has increased from Rs. 3.77 to Rs. 5.37.

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