ISLAMABAD: From tomorrow (February 16), the petroleum price in Pakistan, oil, and lubricants may increase by more than 32 rupees a litre, mostly due to the current exchange rate between the US dollar and the rupee, which is 271.82.
Although Platt costs have significantly decreased compared to last fortnight’s pricing, free on board. The price of gasoline, oil, and lubricants was closed at US$236.40/Rs, which is 271.82 for the following two weeks.
Official and industrial sources indicate that the price of mogas will likely increase by 12.8 per cent per litre, or by Rs32.07, to stand at Rs281.87 per litre from Rs249.8 per litre. Similar to gasoline, the price of diesel may increase 12.5%, or by Rs 32.84, to Rs 295.64/litre from Rs 262.8/litre earlier.
Light diesel oil (LDO) prices were predicted to rise 5.3 per cent or by Rs9.90 to Rs196.90 from Rs187/litre established in the last review, while kerosene oil prices were predicted to rise 14.8% or by Rs28.05 to stand at Rs217.88/litre.
The aforementioned rates were predicated on current government taxes and projected incidentals for Pakistan State Oil (PSO).
For both Mogas and diesel products, the government may boost the exchange rate by Rs15 per litre to over Rs251.
Starting on February 16, the petroleum tax on diesel, which is now set at Rs40, could rise by Rs10 to Rs50.
With a petroleum levy on fuel, oil, and lubricants, the government had set a goal to raise Rs 850 billion.
However, the gap in this area is now estimated at Rs 250 billion, and the authorities are now hoping to raise Rs 600 billion.
From February 1, 2023, until February 15, the government enacted a significant rise of Rs35/litre.
The general sales tax (GST) has not yet been implemented, although the government now levies a petrol tax of Rs 50 per litre.
According to the official, exchange rate losses to refineries and OMCs will be eliminated gradually in the future because the government does not currently intend to transmit the full exchange rate to the general public.
On January 29, 2021, the federal government announced the last price rise for gasoline products.
Pakistan is currently experiencing a gasoline shortage, with Punjab, the country’s most populous region, suffering the brunt of the problem. Petroleum traders were given the responsibility for the shortage.
A price increase expected for February 15 is another reason why hoarders are allegedly holding onto their gasoline supplies (today).