Pakistan's Petrol Price Hiked by Rs. 2.73

Jawad

15 Feb 2024

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Pakistan's Petrol Price Hiked by Rs. 2.73

The interim government has raised the price of petrol in Pakistan by Rs. 2.73. A notification states that the new petrol price is Rs. 275.62, up from Rs. 272.89. Diesel also saw an increase of Rs. 8.37, bringing the rate to Rs. 287.33 from Rs. 278.96.

Media reports earlier suggested that fuel prices could rise by up to Rs. 11 per liter. The expected hike in petrol prices is attributed to rising global oil prices and import premiums. Any improvements in the exchange rate are expected to be offset by these factors.

The new prices will come into effect from February 16, 2024.

It's important to note that just before the general elections on January 31st, the government had already increased petrol and diesel prices by Rs. 13.55 and Rs. 2.75 per liter, respectively. This raised petrol prices to Rs. 272.89 per liter and diesel to Rs. 278.96 per liter.

Global Market Trends

According to media reports, global petrol and diesel prices have risen over the past 15 days. Pakistan State Oil had to pay additional import premiums due to a slight increase in the value of the rupee against the dollar.

Over the past two weeks, petrol prices increased from $88.7 to about $89.9 per barrel, while diesel rose from $98.4 to $101.82 per barrel. The rupee also saw a slight increase against the dollar, settling at around Rs. 279.7.

The government continues to impose premiums on cargo, keeping them at $9.7 per barrel for petrol and $6.5 per barrel for diesel.

It's worth noting that the government already collects a significant amount in taxes, about Rs. 82 per liter, on both petrol and diesel. Although it does not levy sales tax on petroleum products, it has set the Petroleum Development Levy at Rs. 60 per liter for both products. Additionally, there is a customs duty of approximately Rs. 17 to 20 per liter on petrol and diesel.

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