Petroleum, oil, and lubricant prices could increase by more than 32 rupees per litre starting from tomorrow (February 16), primarily due to the current US currency exchange rate of 271.82 rupees to one dollar.
Platt prices have decreased significantly compared to last fortnight’s pricing, despite being free on board. Prices for petroleum, oil, and lubricants were closed at US$236.40/Rs, which is 271.82 for the following two weeks.
The price of mogas is expected to increase by 12.8% per litre, or by Rs32.07, to stand at Rs281.87 per litre from Rs249.8 per litre, according to official and industrial sources. Diesel prices may also increase 12.5%, or by Rs 32.84, to Rs 295.64/litre from Rs 262.8/litre currently.
The price of kerosene oil was predicted to rise 14.8% or Rs 28.05 to stand at Rs 217.88/litre, while the price of light diesel oil (LDO) was predicted to rise 5.3% or Rs 9.90 to stand at Rs 196.90 from Rs 187/litre established in the last review.
The aforementioned prices are presumptions based on expected incidentals and existing government taxes for Pakistan State Oil (PSO). The government may boost the exchange rate by Rs15 per litre for both Mogas and diesel products to over Rs251. The current fuel levy of Rs40 on diesel could rise by Rs10 to Rs50 as of February 16.
By placing a petroleum charge on fuel, oil, and lubricants, the government aimed to raise Rs850 billion in income, however the gap occurred.
