ISLAMABAD: In another spike, the price of petroleum products may increase by more than Rs 32 per liter from (tomorrow) February 16 due to the exchange rate of the US dollar.
Petroleum, oil and lubricants prices closed at Rs 236.40 per dollar, currently trading at Rs 271.82 for the next fortnight. However, free onboard plate prices have seen a decline compared to last fortnight.
According to official and industry sources, the price of Mogas will increase by 12.8 percent or Rs 32.07 per liter from Rs 249.8 per liter to Rs 281.87 per litre.
Similarly, the price of diesel may increase by 12.5 percent or Rs 32.84 to Rs 295.64 from Rs 262.8 per litre.
Kerosene prices were forecast to rise by 14.8 percent or Rs 28.05 to Rs 217.88 per liter while light diesel oil (LDO) could rise by 5.3 percent or Rs 9.90 to Rs 196.90 per liter from Rs 187. . Fixed in last review.
The above prices are calculated based on current government taxes and Pakistan State Oil (PSO) estimates. The government may adjust the exchange rate to over Rs 251 with an increase of Rs 15 per liter for both Mogas and diesel products. The petroleum levy on diesel, which is Rs 40, may increase by Rs 10 to Rs 50 from February 16.
The government had set a target of revenue of Rs 850 billion by imposing petroleum levy on petroleum, oil and lubricants, but the shortfall in this regard is estimated at Rs 250 billion and the authorities are hoping to get revenue of Rs 600 billion. A billion
The government had given a huge hike of Rs 35 per liter from February 1, 2023 to February 15.
Currently, the government is levying a petroleum levy of Rs 50 per litre, while the General Sales Tax (GST) is yet to be implemented.
Exchange rate losses to refineries and oil marketing companies (OMCs) will be phased out later as the government is yet to pass on the full exchange rate to consumers, the official said.
The last increase in the prices of petroleum products was made on January 29, 2021 in the review of the federal government.
Pakistan is currently facing a shortage of petrol, with its most populous province, Punjab, facing the crisis, which is being blamed on petroleum dealers.
It has also been alleged that hoarders are holding on to petrol stocks in anticipation of a price hike scheduled for February 15 (today).
