Petrol Price In Pakistan May Rise Up To By Rs. 6/L

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Revision in petrol price in Pakistan is about a day away and we are here with the market predictions translating the federal government’s imminent move. 

The upcoming fortnight may witness a rise in petroleum prices, with petrol expected to increase by up to Rs. 6 per litre. The reason behind this anticipated adjustment is escalating global oil prices.

The Anticipation

Sources indicate that petrol price could see a hike of Rs. 5-6 per litre, while diesel and kerosene might rise by Rs. 2-2.50 and Rs. 4 per litre, respectively. If this prediction comes true, petrol price will reach Rs. 258.66. Whereas, the new prices of diesel and kerosene oil will be Rs. 260.84 and 165.66 per litre.

These changes align with recent trends in global oil markets, where Brent crude prices surged by $1-2 per barrel following US-imposed sanctions on Russian oil exports. This international shift has nudged ex-refinery costs upwards over the past fortnight.

Current Petrol Prices

Currently, petrol, diesel, and kerosene are priced at Rs. 252.66, Rs. 258.34, and Rs. 161.66 per litre, respectively. These adjustments follow the modest increases of 56 paisa for petrol and Rs. 2.96 for diesel announced on December 31.

A significant portion of these prices stems from government-imposed levies. Taxes alone account for Rs. 76 per litre of petrol and diesel, including a Rs. 60 petroleum development levy and Rs.16 customs duty per litre. 

Oil companies and dealers further contribute Rs. 17 per litre in distribution and sale margins, even in the absence of general sales tax (GST) on petroleum products.

The implications of such hikes ripple across various sectors. For middle and lower-income groups, petrol costs impact household budgets due to its widespread use in private vehicles and two-wheelers. Diesel, essential for heavy transport, agriculture, and trains, has inflationary effects, increasing the cost of transporting goods, including everyday essentials like vegetables.

What do you think about the anticipated rise in petrol price in Pakistan? Would it be justified, if fuel price increased? Tell us in the comments section.

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