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ISLAMABAD: The government has reduced the retail price of petroleum products on account of a decline in the international market and exchange rate for the next fortnight.

Sources said that the on high-speed diesel, average of platts with incidentals and duty was reduced by Rs13.20 per litre to Rs189.23 from Rs202.43 per litre and Pakistan State Oil (PSO) exchange adjustment by Rs23.16 per litre to Rs3.52 per litre from Rs26.68 per litre whereas ex-refinery price was cut by Rs36.36 per litre to Rs192.75 from Rs229.12 per litre.

However, inter-freight equalization margin (IFFEM) was increased to Rs6.62 per litre and distance margin (including extra margin) to 0.25 per litre, whereas, dealer margin and petroleum levy (PL) remained unchanged at Rs7 per litre and Rs50 per litre respectively.

On the petrol, average of platts with incidentals and duty was reduced by Rs16.20 to Rs182.94 from Rs199.14 per litre. PSO exchange adjustment was increased by Rs4.46 per litre to Rs20.33 from Rs15.86 per litre.

Ex-refinery price was reduced by Rs11.74 per litre to Rs203.26 from 215 per litre while IFEM was reduced by Rs0.26 per litre to Rs3.74 from Rs4 per litre. The distance margin including extra margin, as well as dealer margin, and PL remained unchanged at Rs6 per litre, Rs7 per litre, and PL at Rs50 per litre respectively.

Based at last nine months (July-March) 2022-23 collection of PL, the government is expecting to generate an estimated Rs200 billion in the last quarter (April-June) in the current fiscal year.

The collection of PL has soared by 189 percent to Rs362.48 billion during the first nine months of the current fiscal year as compared with Rs125.56 billion in the corresponding months of the last fiscal year 2021-22.

High oil prices, declined auto sales, low power generation and economic slowdown have declined by 21 percent during the first nine months (July-March) of the current fiscal year.

However, the government has estimated that declined trend in global oil prices and some strengthening of the exchange rate would lead to an increase in fuel consumption in the last quarter of the current fiscal year.

Copyright Business Recorder, 2023

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