The petrol price in Pakistan has been increased by Rs. 22.20 per liter and the new prices will be applicable from February 16, 2023. As per the Finance Ministry, the price of High-Speed Diesel (HSD) has also been increased by Rs. 17.20 per litre.
This is how much the prices of petroleum goods have increased, Petrol Rs. 22.20. High-Speed Oil Rs. 17.20, Kerosene Oil Rs. 12.90 and Light-Speed Diesel (LDO) Rs. 9.68.
Meanwhile, the new fuel prices in Pakistan are:
Petrol Rs. 272
High-Speed Oil Rs. 280
Kerosene Oil Rs. 202.73
Light-Speed Diesel Rs. 196.68
If you breakdown the price of petrol, the refinery price on February 16 is 205.6, Inland Freight Equalization Margin (IFEM) is Rs. 3.4, Petroleum Development Levy (PDL) is Rs. 50/liter, OMC margin is Rs. 6, dealer margin is Rs. 7, while sales tax is still at Rs. 0.
— Ismail Iqbal Securities (@iispl_sec) February 15, 2023
Last Petrol Price Hike in Pakistan
Last month, Finance Minister Ishaq Dar announced a petrol price hike of Rs. 35 per liter due to the extreme devaluation of the Pakistani rupee against the US dollar.
In his announcement regarding the petrol price hike, Ishaq Dar also said that the prices of kerosene oil and light diesel oil had been increased by Rs18. In the aftermath of the removal of the unofficial cap on the dollar, the Pakistani rupee hit a historic low against the dollar, which has led to this inflation.
Dar also added that to prevent temporary hoarding and speculation about petrol shortages, the Oil & Gas Regulatory Authority (OGRA) asked the government and Prime Minister Shehbaz Sharif to implement the new rates right away.
This new increase in petrol price in Pakistan would bring another wave of inflation as the masses are already facing extremely tough times. Meanwhile, the USD is still not stable against the PKR despite the uncapping by State Bank of Pakistan (SBP). Furthermore, there are media reports of potential fuel shortage in Pakistan in coming days, which is also another worrisome news for the country. We have discussed the whole scenario of petrol supply chain in our blog and you can read it in detail here.
