Petrol Prices May Increase For January 2023
We are already halfway through the first month of 2023, and it is again that time of the month when the government revises petrol prices. This time, the prices are expected to increase.
If the fortnightly revisions go according to routine, the petrol prices may increase by Rs. 8.98 per liter, whereas High-Speed Deisel (HSD) prices might increase by Rs. 1.06 per liter. But, according to Express Tribune, the prices may remain unchanged if the government adjusts the petroleum levy, just like it did for the first half of January.
At the moment, the government charges consumers Rs50 per liter for petrol and Rs32.50 per liter for HSD. Petrol, HSD, high octane blending components, kerosene oil, and light diesel oil, on the other hand, are not subject to general sales tax. Tribune claims that if the government decides to raise the price of petrol and HSD by Rs8.98 and Rs1.06 per liter, respectively, petrol will rise from Rs214.80 to Rs223.78 per liter, while HSD will rise from Rs227.80 to Rs228.86 per liter. These revisions will only be applicable from Jan 16 to Jan 31, 2023.
In comparison to petrol and HSD, the price of kerosene oil is expected to fall by Rs3.10 to Rs168.73 per liter in the second half of January 2023, while that of light diesel oil by Rs2.39 to Rs166.61 per liter. All of these prices will only increase if the government chooses to change the prices for January 2023 and does not adjust the petroleum levy rate.
With the country’s energy demand in mind, approximately 430,000 tonnes of mogas (motor gasoline or petrol), 200,000 tonnes of HSD, and 650,000 tonnes of crude oil are imported each month at the cost of approximately $1.3 billion. Yes, the numbers are shocking!
What are your predictions regarding the petrol prices? Will they rise or fall or remain unchanged? Share your analysis with us in the comments below!