Tuesday, June 25, 2024

Prices of Petrol, Diesel May Increase by Rs. 32 Per Litre from Feb 16

According to sources, the US dollar exchange rate may result in yet another increase in petroleum product prices, this time by more than 32 rupees a litre, starting on February 16 (tomorrow).

Petroleum, oil, and lubricant costs were Rs 236.40 per dollar at the close, which works out to Rs 271.82 for the following two weeks. The free-on-board Platt rates, however, decreased as compared to the pricing from the previous two weeks.

According to official and industrial sources, the Mogas price will likely rise by 12.8% per liter, or Rs 32.07, to Rs 281.87 per liter, up from Rs 249.8 per liter. Similarly, the price of diesel could rise by 12.5% or by Rs32.84 to stand at Rs295.64 per liter, up from Rs262.8 per litre previously.

Kerosene oil prices were forecast to increase 14.8%, or by Rs 28.05, to stand at Rs 217.88 per litre, while light diesel oil (LDO) could go up 5.3%, or by Rs 9.90, to stand at Rs 196.90, up from Rs 187 per litre set in the last review.

The aforementioned prices are assumptions based on expected incidentals and existing government taxes for Pakistan State Oil (PSO). The government may boost the price of gasoline and fuel by Rs 15 per litre, adjusting the exchange rate to around Rs 251. Starting on February 16, the petroleum levy for diesel, which is currently set at Rs 40, could rise by Rs 10 to Rs 50.

By taxing petroleum, oil, and lubricants, the government had set a goal of raising Rs 850 billion in income. However, the deficiency in this area has been pegged at Rs 250 billion, and the authorities are now banking on raising Rs 600 billion.

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