ISLAMABAD – Amid depleting foreign exchange reserves and political uncertainty, the overall value of the Pakistani rupee depreciated further which will affect petroleum prices.
Reports in local media suggest that the coalition government is likely to raise the prices of petroleum products up to Rs9 per litre for the upcoming fortnight. The price of high-speed diesel may increase by Rs1.06 per litre in the revision of POL prices.
Despite the considerable deprecation in local currency, reports quoting sources from the Petroleum Division claimed that government might decide against jacking up prices by adjusting the rate of petroleum levy.
As of now, Rs50 per litre has been charged in petroleum levy on petrol and Rs32.50 per litre on diesel, while no GST is being collected on the sale.
It was reported that the exchange rate adjustment for major oil importers including state-owned petroleum corporation is estimated at Rs5 per litre on petrol and Rs3.50 per litre on High-Speed Diesel.
If the government announced a further hike, the new price of petrol will touch Rs223 per litre while diesel will hit Rs228.
Last month, the petroleum prices remained unchanged for the first fortnight of January 2023.
Pakistanis are facing several oil price shocks since the ruling alliance government came into power to fulfil its commitment to the international lender.
