ISLAMABAD – The outgoing government is likely to jack up prices of petrol and high-speed diesel (HSD) for the first half of March 2024 amid adjustments in international prices, and import premium.
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Reports in local media said petrol price is expected to go up by Rs4 per litre as cost of both major petroleum products moved up in international market.
The price of petrol will increase by Rs3-4 per litre compared to diesel, which is expected to rise by Rs1-1.5 per litre, depending on the final exchange rate.
Price of petrol has risen by approximately $0.5 per barrel to $90.78, while diesel prices saw plunge by 8 cents per barrel to $101.05. The import premium paid by PSO for petrol has increased to $10.45 per barrel this fortnight from $9.47 per barrel, whereas it remains stable for HSD at $6.5 per barrel.
The interim government has already imposed maximum permissible limit of Rs60 per litre for petroleum levy on both petrol and diesel as target for petroleum levy collection for FY24 stands at Rs869 billion, with about Rs475 billion collected in the first half of the fiscal year.
Authorities are looking to collect around Rs970 billion by the end of the year, with a revised target of Rs920 billion by June.
In recent weeks, petrol and electricity prices significantly contributed to the high inflation rate, reaching 27.5pc in January, as measured by the consumer price index.
