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ISLAMABAD: The interim government may opt for back-to-back hikes in ex-depot petroleum products prices. This time the raise may be up to Rs3.50 per litre with effect from March 1, 2024.

The price of petrol is likely to go up by Rs3.50 per litre and high-speed diesel (HSD price by Re1 per litre based on higher premium, exchange rate adjustment and current petroleum levy (PL) and general sales tax (GST) rate on petroleum products.

Caretaker govt increases petrol price by Rs 2.73, HSD by Rs 8.37 per litre

The price of HSD has an inflationary impact as it is usually used in the transportation sector. Meanwhile, price of light diesel oil (LDO) is expected to decrease by 80 paisa per litre and 70 paisa increase on kerosene oil.

Import premium on petrol is estimated at 10.48 after increase from $ 9.43 per bbl, whereas, the premium on HSD has estimated to $6.50 per bbl. The government is charging Rs60 per litre PL at both HSD and petrol.

Caretaker govt increases petrol price by Rs13.55, HSD by Rs2.75

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

Sale of total petroleum products in Pakistan clocked in at 1.38 million tons in January, a decline of four per cent year-on-year as compared to 1.44 million in the same period of the previous year. The decline comes on the back of lower petrol and diesel sales.

Short-term inflation has been on a downward trajectory for the fourth week in a row, decelerating to 30.68 per cent year-on-year in the week ending Feb 22, 2024, official data showed.

Copyright Business Recorder, 2024

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