ISLAMABAD: The federal government has announced a mixed bag of news for consumers, with a price hike for petrol and high speed diesel (HSD), but a reduction in the cost of kerosene oil and light diesel oil.
The average price of petrol had dropped in the international market to $76 per barrel from $77.5 per barrel, however, government opted to increase the IFEM on petrol from Rs 3.72 to Rs 7.89 or Rs 4.17 per litre to Oil Marketing Companies (OMCs).
Petrol and Diesel Prices:
Petrol: The price of petrol has increased by Rs 1.35 per litre, from Rs 247.03 to Rs 248.38 per litre.
Increase in rates of POL products likely
High-Speed Diesel (HSD): The price of HSD has increased by Rs 3.85 per litre, from Rs 251.29 to Rs 255.14 per litre.
Kerosene Oil and Light Diesel Oil Prices:
Kerosene Oil: The price of kerosene oil has decreased by Rs 1.48 per litre, from Rs 163.02 to Rs 161.54 per litre.
Light Diesel Oil (LDO): The price of LDO has decreased by Rs 2.61 per litre, from Rs 150.12 to Rs 147.51 per litre.
The government kept IFEM negative for previous fortnight from ended on October 31, 2024, to keep the POL prices at the lower side, though international prices went up in the last fortnight. IFEM on HSD was cut by Rs 4.07 per litre in previous review of petroleum products prices.
The Oil and Gas Regulatory Authority (OGRA) has determined these new prices based on the fluctuations in international oil prices. The revised prices will be effective from November 1, 2024.
An official of OGRA on the condition of anonymity said that government is charging Rs 90 per litre custom duty and petroleum levy (PL) on the petroleum products and the taxes on petroleum products in Pakistan is considered highest in the region.
Copyright Business Recorder, 2024
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