AIRLINK 175.55 Decreased By ▼ -2.01 (-1.13%)
BOP 11.01 Decreased By ▼ -0.04 (-0.36%)
CNERGY 8.29 Increased By ▲ 0.12 (1.47%)
FCCL 47.23 Decreased By ▼ -0.09 (-0.19%)
FFL 16.02 Decreased By ▼ -0.10 (-0.62%)
FLYNG 27.31 Decreased By ▼ -0.04 (-0.15%)
HUBC 142.32 Decreased By ▼ -4.59 (-3.12%)
HUMNL 13.30 Decreased By ▼ -0.21 (-1.55%)
KEL 4.44 Decreased By ▼ -0.06 (-1.33%)
KOSM 5.90 Decreased By ▼ -0.01 (-0.17%)
MLCF 61.80 Decreased By ▼ -0.22 (-0.35%)
OGDC 226.77 Decreased By ▼ -7.91 (-3.37%)
PACE 5.77 Decreased By ▼ -0.03 (-0.52%)
PAEL 44.80 Decreased By ▼ -1.61 (-3.47%)
PIAHCLA 17.88 Decreased By ▼ -0.24 (-1.32%)
PIBTL 10.47 Decreased By ▼ -0.10 (-0.95%)
POWER 12.02 Increased By ▲ 0.03 (0.25%)
PPL 185.92 Decreased By ▼ -5.88 (-3.07%)
PRL 37.16 Decreased By ▼ -0.16 (-0.43%)
PTC 24.05 Increased By ▲ 0.85 (3.66%)
SEARL 100.29 Decreased By ▼ -0.60 (-0.59%)
SILK 1.15 No Change ▼ 0.00 (0%)
SSGC 38.51 Decreased By ▼ -1.20 (-3.02%)
SYM 14.75 Decreased By ▼ -0.28 (-1.86%)
TELE 7.73 Decreased By ▼ -0.11 (-1.4%)
TPLP 11.03 Decreased By ▼ -0.08 (-0.72%)
TRG 66.00 Decreased By ▼ -1.29 (-1.92%)
WAVESAPP 10.97 Decreased By ▼ -0.38 (-3.35%)
WTL 1.35 Decreased By ▼ -0.01 (-0.74%)
YOUW 3.78 Increased By ▲ 0.01 (0.27%)
BR100 12,826 Increased By 19.4 (0.15%)
BR30 38,861 Decreased By -842.2 (-2.12%)
KSE100 118,792 Decreased By -146.5 (-0.12%)
KSE30 36,779 Increased By 22.6 (0.06%)

ISLAMABAD: Petrol and high-speed diesel (HSD) prices are likely to increase in Pakistan from July 01, 2024. Estimates suggested a rise of Rs 7.54 per litre for petrol and Rs 9.84 per litre for HSD for the next two weeks.

These estimates are based on current government taxes and profit margins for oil marketing companies (OMCs).

Currently, the government charges a petroleum levy (PL) of Rs 60 per litre on both petrol and HSD, with no additional GST.

Petrol price likely to come down

If the government decides to raise the PL by Rs 5 per liter for both fuels, the price increase could be even higher, reaching Rs 12.54 and Rs 14.84 per litre for petrol and HSD respectively.

The recently proposed Finance Bill 2024 allowed the government to raise the PL to a maximum of Rs 80 per litre, potentially generating additional revenue.

The price hike comes amid a surge in international oil prices.

Over the past two weeks, petrol and HSD prices have increased by about $ 4.4 and $ 5.5 per barrel respectively.

The final decision on pricing will be made on 30th June in consultation with the Finance Division.

The Oil and Gas Regulatory Authority (Ogra) will submit its recommendations to the government for consideration on the same day.

This rise in fuel costs is expected to impact the prices of kerosene oil and light diesel oil (LDO) as well. Estimates suggested an increase of Rs 7.70 per litre for kerosene oil and Rs 8.73 per litre for LDO.

Copyright Business Recorder, 2024

Comments

Comments are closed.

Imran Khan Jun 28, 2024 07:03am
Misleading heading of the news. It reads as if the Govt owned entity VITOL earned a tender
thumb_up Recommended (0)