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Friday 17 May, 2024
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Petrol price in Pakistan expected to increase from 1 August 2022

BY Faizan Ahmed Aug 30, 2022. 10:36 am

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KARACHI: Petrol price in Pakistan is expected to increase In the upcoming fortnightly rate review, because the government may increase taxes on petroleum goods and adjust for exchange loss, The News learned on Monday.
But in the subsequent assessment, the cost of diesel should rise by Re1 per litre on a FOB basis. The FOB represents the price difference between domestic and foreign petroleum markets.
The price of gasoline on a FOB basis is not expected to decrease in the upcoming two weeks, according to the oil sector.
Industry insiders claim that the government will likely increase the petroleum levy (PL) on gasoline in the upcoming two weeks while continuing to adjust petroleum prices for currency loss arrears.
Despite a drop in price on the worldwide market, the oil sector anticipated that a decrease in gasoline prices was improbable. After raising the PL on diesel, they warned that the price would significantly increase over the course of the following two weeks.
If the government imposed sales tax on its sale, which has been suspended for the past six months, its price might also increase further.
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People in the oil industry claimed that the government had not yet made any adjustments to the exchange loss, which amounted to Rs23 for gasoline and Rs13 for diesel per litre.
According to them, the average price of gasoline globally over the past two weeks was $103 per barrel, diesel was $139 per barrel, and crude oil was $97 per barrel, with an average exchange rate of roughly Rs217 per litre.
They claimed that consumers were unlikely to gain from the price drop on the global market, notably for gasoline, and that the price of diesel could significantly climb in the upcoming fortnightly review.
In addition to other fees including dealers’ and distributors’ commissions, the government intends to charge Rs10.5% GST and Rs30 per litre PL.
The government anticipates receiving Rs31 billion in GST and Rs60 billion in PL per month. Currently, a litre of gasoline costs Rs233.91, a litre of diesel costs Rs244.44, a litre of kerosene costs Rs199.40, and a litre of light diesel costs Rs191.75
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