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ISLAMABAD: The interim government may raise the petrol price by Rs 8 to Rs 11 per litre with effect from February 1, 2024, depending on the exchange rate adjustments.

The price of high-speed diesel (HSD) is also likely to go up by Rs 2 to Rs 7 per litre again based on exchange rate adjustment for next fortnightly starting from January 1.

If the calculation will be based at expected exchange adjustment on Rs 2.75 per litre on petrol and Rs 4.50 per litre on HSD, the price of petrol will raise by Rs 8 per litre and HSD by Rs 2 per litre.

The government may sustain the price of kerosene oil (kero) and light diesel oil (LDO) by adjusting the prices.

Petrol price likely to remain unchanged

According to the estimates, LDO price should be increased by Rs 1 per litre and KERO should be reduced by Rs 1.50 per litre.

The calculation for the fortnight starting from February 1 is based on the current rate of petroleum levy (PL) and general sales tax (GST).

Import premium on petrol is estimated at $ 9.47 per bbl, whereas the premium on HSD has estimated an increase to $6.50 per bbl from $ 5.30 per bbl in the current fortnight.

The price of Brent went up by more than $ 3 per barrel to $ 83 from $ 78 per barrel since January 16 while HSD had become costlier by about $ 2 per barrel to $ 97 from about $ 95 per bbl during the same period.

After back-to-back decrease in petroleum products prices since November 1, 2023, it would mark the first uptick in petrol and diesel prices ahead of general elections.

The Oil and Gas Regulatory Authority (Ogra) has yet to work out the recommended fuel prices for the first half of February. The authority calculated the prices of petroleum prices keeping in view monthly tax targets and estimated fuel consumption and supply cost of Pakistan State Oil (PSO).

Copyright Business Recorder, 2024

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