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Petrol Prices in Pakistan likely to drop

BY Faizan Ahmed Dec 15, 2022. 01:23 pm UPDATED: Dec 15, 2022. 01:23 pm

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Express Tribune cites energy experts’ forecasts about the price of oil as saying that the price of gasoline will probably drop by about Rs. 7.50 per litre. In the second half of December 2022, the cost of High-Speed Diesel (HSD) may decrease by Rs. 12.37 per litre.

According to a report from the Express Tribune, the price of petroleum goods won’t go down the next week if the government raises the Petroleum Levy (PL) and settles the exchange loss arrears on a Free on Board (FOB) basis.

Additionally, it was expected that the cost of gasoline would reduce by Rs. 7.50 per litre, from Rs. 224.80 to Rs. 217.30, and the cost of High-Speed Diesel (HSD), from Rs. 235.30 to Rs. 222.93, by Rs. 12.37 per litre.

The report also stated that the government will probably increase taxes on HSD, Superior Kerosene Oil (SKO), and Light Diesel Oil, citing sources within the Petroleum Division as evidence (LDO). It might help make up the exchange-loss lag in fuel prices.

According to the analysis, it is less likely that the price of gasoline and HSD will decline if the government raises the PL and corrects the exchange loss arrears.

At the moment, the government charges Rs. 50 per litre PL for gasoline, Rs. 25 for HSD, Rs. 7.01 for SKO, and Rs. 15.39 for LDO. It has promised that by April 2023, the PL on HSD will increase to Rs. 50 per litre.

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