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Thursday 29 February, 2024
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Petrol prices likely to be increased from 16 September

BY Shahzad Saeed Sep 14, 2023. 09:34 pm UPDATED: Sep 14, 2023. 09:34 pm

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Petroleum product prices are anticipated to increase once more later this week as a result of currency devaluation and rising global oil prices.

According to a media report, the cost of gasoline and high-speed diesel (HSD) could increase on September 15 by Rs. 10–14 and Rs. 14–16 per liter, respectively, due to tax rates and import parity prices. The cost of kerosene will also increase by Rs.

Before falling below Rs. 300, the rupee lost 4.5 rupees against the dollar in the first 10 days of the current fortnight (from Rs. 299 to Rs. 304). The gains from the exchange rate were however offset by benchmark international Brent prices, which on Wednesday surpassed $92 per barrel compared to $88 in the first week of September.

The government will also pass along to consumers the 88 paisa per liter increase in selling margins for petroleum dealers and marketing firms approved by the Economic Coordination Committee (ECC) of the cabinet last week.

The sources claimed that since September 1, the import parity price for gasoline, diesel, and kerosene had increased by 13, 14, and 10 rupees per liter, respectively.

In contrast, according to product imports from Pakistan State Oil (PSO), sale prices of the aforementioned petroleum products were anticipated to increase by 13, 16, and more than 10 rupees per liter, respectively. Additionally, jet fuel costs Rs. 10 more per liter.

As a result, it is anticipated that the cost of gasoline and diesel will exceed Rs. 320 and Rs. 325 per liter, respectively. The cost of kerosene would be more than Rs. 240 per liter.

After the impending increase in fuel prices, numerous industries in Pakistan are predicted to experience higher inflation.

Read more: KP Declares 5 Districts as High-Risk Dengue Zones

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