Prices of petroleum products are likely to be increased in Pakistan by 10-14 PKR per litre for the next fortnight, the media reported on Saturday.
According to industry sources, the government may increase the price of petroleum products attributing to rising oil prices in global markets, The News reported.
The increase can jump to 14 PKR per litre if the government also adjusts the exchange rate losses, unlike the previous review when the authorities didn't pass on the impact of rupee devaluation to the masses.
According to the working of the country's oil sector, the ex-depot price of petrol has clocked in at 14.77 PKR per litre for the next review of the prices with the exchange rate loss adjustment.
The current ex-depot price of petrol is 272 PKR per litre, which may go up to 286.77 PKR per litre if the government decides to pass on the impact of global oil prices and exchange rate losses, The News reported.
Even though the government skips adjusting the exchange losses, the petrol price would still face an increase because of higher global oil prices. The expected raise in the price of petrol is based on the present rate of taxes.
The government is charging an 50 PKR per litre levy on petrol with zero general sales tax.
In the present scenario, they added, the government has no option but to raise the price of petrol as its financial space is already squeezed.
Also, the government is making desperate efforts to revive the IMF programme to shore up the forex reserves, The News reported.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Apr 15 2023 | 12:26 PM IST