Saturday, July 20, 2024

Petrol Prices Expected to Get Massive Hike From September 1

Get ready for a big increase in the cost of oil in the first two weeks of September 2023. The prices for different kinds of fuel are expected to go up by a lot. For example, the price of petrol could go up by about Rs 9.65 for each liter, and high-speed diesel might become about Rs 19.42 more expensive per liter. Kerosene oil could also increase by around Rs 13.82 per liter, and Light Diesel Oil might go up by about Rs 8.66 per liter.

If these changes are approved, it means that from September 2023, people might have to pay about Rs 300.10 for each liter of petrol, about Rs 312.82 for high-speed diesel, around Rs 230.97 for kerosene oil, and about Rs 208.79 for Light Diesel Oil.

These possible price increases are based on the current taxes and charges. The Pakistan State Oil thinks the exchange rate adjustments might add Rs 2 more for petrol and Rs 7 more for diesel. There’s also a charge called the Inland Freight Equalization Margin (IFEM), which is Rs 4.13 for petrol right now. This might change if the Oil and Gas Regulatory Authority (OGRA) decides to adjust it.

Right now, petrol costs about Rs 290.45 per liter, high-speed diesel is about Rs 293.40 per liter, kerosene oil is about Rs 217.15 per liter, and Light Diesel Oil is about Rs 199.79 per liter.

Remember that petrol is what we use to fuel cars and motorcycles. High-speed diesel is for big vehicles like trucks and buses, and also for machines in industries. Kerosene oil is used for cooking and lighting in homes without electricity. Light Diesel Oil is used in things like industrial boilers, furnaces, and certain engines in industries like textiles and cement.

It’s important to know that these possible price increases could make life more expensive for people who are already struggling with their expenses and budgets. It might also increase overall inflation.

But keep in mind that these changes need to be approved by the government. They depend on things like how much oil costs globally, the value of money when compared to other currencies, and how these changes might affect the energy industry.

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