ISLAMABAD: The interim government on Monday slashed the ex-depot price of petrol by Rs 8 per litre in a fortnightly petroleum products’ price review starting January 16, 2024.

In a statement, the Finance Division has announced decrease in the rate of petrol by 2.9 percent, ie, from Rs 267.34 to Rs 259.34 per litre. However, the price of high speed diesel (HSD) has been kept unchanged at Rs 276.21 per litre. The price of kerosene oil has also come down by Rs 1.97 to Rs 186.86 per litre and light diesel oil (LDO) by 92 paisa to Rs 164.83 per litre.

In petrol’s new price, the government has incorporated IFEM rate at Rs 5.69 per litre, OMC’s margin Rs 7.87 per litre, dealers’ commission Rs 8.64 per litre. Petroleum levy (PL) has been kept unchanged at Rs 60 per litre and ex-refinery price fixed at Rs 177.14 per litre.

The Oil and Gas Regulatory Authority (OGRA) had submitted its fortnightly review to the Petroleum Division and the final decision was based at oil consumption, current rate of petroleum levy (PL), general sales tax (GST), premium, exchange rate, and global oil prices.

The price of Brent Oil reduced by $ 1.5 dollar per barrel from $84.50 to $83 per barrel since January 1, 2024 while HSD rate shows cheaper by around $1 per barrel from $97 to $95.80. Pak rupee has also gained against the US dollar by Rs 1.35 to Rs 281.5 against Rs 282.85 in last fortnight started from January 1.

Copyright Business Recorder, 2024