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ISLAMABAD: Federal government may announce a substantial reduction in ex-depot fuel prices up to Rs14 per litre based on the current petroleum levy (PL) and general sales tax (GST), with effect from April 1, 2023.

Oil marketing companies (OMCs) estimate that Rs3.50 per litre reduction is expected in petrol price. It is likely that the price of high-speed diesel (HSD) to come down by Rs14 per litre. Similarly, the price of kerosene oil (KERO) may climb down by Rs13 per litre and light diesel oil (LDO) price by Rs10 per litre.

According to the OMCs estimate, the petrol price would be reduced from Rs272 to Rs268. The price of HSD would reduce to Rs278 from Rs293 per litre. Likewise, the prices of KERO would come down from Rs190.26 to Rs176 per litre and LDO from Rs184.68 to Rs 174 per litre.

First half of March: Fuel prices may be kept unchanged by adjusting PL

The calculation is based on the cost of supply of Pakistan State Oil (PSO). The federal government may allow Rs6 per litre exchange rate adjustment on petrol and Rs15 on HSD. In the last 13 days, the US dollar against the Pak rupee gained Rs4.66.

The government has to increase PL on HSD by Rs5 per litre to Rs50 per litre with effect from April 1 to meet one of the conditions of the IMF. The government has been charging Rs50 per litre PL on petrol since November 2022.

With effect from March 16, 2023, the federal government allowed Pakistan State Oil (PSO) an exchange rate adjustment of Rs24.67 per litre on high-speed diesel and Rs6.30 per litre on petrol.

Average of Platts with incidentals and duty on HSD has fixed for March 16, 2023, at Rs219.34 per litre from Rs202.99 per litre and Rs201.65 per litre on petrol from Rs187.21 per litre.

The petroleum levy (PL) rate on HSD is Rs45 per litre and Rs50 per litre on petrol for the second half of March 2023.

Copyright Business Recorder, 2023

Comments

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Abdullah Mar 30, 2023 10:16am
Do not cut the prices maintain them t same level and use this amount for improving the pakistani economy.Those who havw cars are not poor.
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Muhammed Mar 30, 2023 11:06am
This will be a disastrous & suicidal move. GOP is already facing huge deficit in revenue collection & this opportunity of raising revenue must not be sacrificed for petty political gains.
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Kashif ALI Mar 30, 2023 11:30am
There is no need to slash the prices of fuel. Government must keep the prices at same level or increase them to shore up the national exchequer. Pakistani public is filthy rich - except the poor people - and they can afford the fuel prices even at Rs. 500 per litre. By maximizing the taxes of all sorts on fuel prices, at least, those culprits from public are forced to pay taxes who, otherwise, don't pay taxes at all. We need to kill the economic malaise at any cost.
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Aamir Latif Mar 30, 2023 11:34am
GoP should stop treating Petroleum as golden goose by adding further duties, PL or other taxes to make up for the short falls in revenues from other sources... It's time that people get real benefit with Brent in $70's range.... This will be a big help to cut in inflation. This theory of 800cc as poor and above as rich is all bullshit...
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Amir Ali Mar 31, 2023 10:12pm
Those whose have cars have duties and other obligations. My brother suggested to keep the prices same ro improve the economy is ridiculous idea.increasing pol prices have numerous repercussions and have negative effects may drive the peoples out of work or business.by the way increasing prices have ended up less revenue for economy as people switch or economies on use of fuel.hope this this explanation may be good answer to your ridiculous Pakistani idea.
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