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ISLAMABAD: The federal government Wednesday announced an increase of Rs1.45 per litre in the price of petrol. The high-speed diesel (HSD) price has been kept unchanged by adjusting the petroleum levy (PL) and other margins on petroleum products with effect from September 21 till 30th.

Average of Platts with incidental and duty on HSD is reduced by Rs2.19 per litre from Rs223 on September1 to Rs220.80 per litre on September 21. The PSO exchange rate adjustment is increased by Rs2.05 per litre from Rs5.87 in the first half of September to Rs7.92 per litre in the second half of the current month.

Ex-refinery price is reduced from Rs228.87 to Rs228.72 or by 15 paisa. The IFEM rates are reduced by four paisa from 21 paisa to 17 paisa. The PL on HSD is increased by eight paisa from Rs7.50 to Rs7.58 per litre and same 8 paisa reduced on petrol from Rs37.50 to Rs37.42 per litre.

In case of petrol, the average of Platts with incidental and duty of PSO is increased by Rs2.94 per litre from Rs174.61 to Rs177.55 per litre. The exchange adjustment on petrol, however, has reduced from Rs8.43 to Rs7.29 per litre or Rs1.13 per litre on September 21.

The ex-refinery price of petrol is increased by Rs1.80 per litre from Rs183.04 to Rs184.84 per litre. The IFEM is also reduced from Rs4.76 to Rs4.49 per litre or 27 paisa reduction.

Extra revenue collection goal: Govt may not pass full relief on to POL consumers

On Wednesday, the prices of petroleum products have been revised that are effective from September 21, 2022.

According to a statement issued by the Finance Division, the government decided to increase the prices of petrol by Rs1.45 per liter to Rs237.43 from the previous rate of Rs235.98. The price of HSD is kept unchanged at Rs247.43 per liter. The price of kerosene oil has been reduced by Rs8.30 per liter to Rs202.02 from Rs210.32. The rate of light diesel oil has been reduced by Rs4.26 per liter to Rs198.28 from the previous rate of Rs201.54.

The Finance Division said that in the wake of fluctuating global oil prices and exchange rate variation, the government had decided to revise the prices of petroleum products. The latest rate revision was scheduled for September 15, 2022, for the period starting from September 16, 2022, but was done on Wednesday.

Copyright Business Recorder, 2022

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