Karachi, Apr 15: Inflation-weary people should gear up to bear a heavy jolt as the prices of petroleum products are likely to be increased by Rs10-14 per litre for the next fortnight, media reports said.
According to industry sources, the government may increase the price of petroleum products attributing to rising oil prices in global markets.
The increase can jump to Rs14 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 Rs14.77 per litre for the next review of the prices with the exchange rate loss adjustment.
The current ex-depot price of petrol is Rs272 per litre, which may go up to Rs286.77 per litre if the government decides to pass on the impact of global oil prices and exchange rate losses.
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 Rs50 per litre levy on petrol with zero general sales tax, Geo news reports.
The expected rise in the price of petrol is based on an Rs5 per litre exchange loss adjustment of Pakistan State Oil (PSO), which is due to the government as it didn’t include the exchange rate adjustments in the past to keep the prices of the petrol on the lower side.
The POL prices would have been on the higher side after a massive depreciation of the rupee against the dollar in the last two and half months when under International Monetary Fund (IMF) conditions, the market-based exchange rate was allowed.
(UNI)
Follow our WhatsApp channel
