ISLAMABAD: Despite a drop in global oil prices, the government has raised the prices of Petroleum & high-speed diesel (HSD) for the upcoming fortnight. This decision, contrary to market expectations, surprised experts who anticipated a price drop. As per the official announcement on Thursday, petrol prices will increase by Rs1.35. Bringing the new price to Rs248.38 per litre, while diesel sees a Rs3.85 rise, setting it at Rs255.14 per litre until November 15. However, the prices for kerosene & light diesel have been slightly reduced by Rs1.48 & Rs2.61 per litre, respectively.
Fuels get costlier by Rs1.35, Rs3.85,
respectively
In a late-night announcement, the Ministry of Finance stated that OGRA calculated these rates based on fluctuations in the international market. Sources indicated that the government had withheld part of the rate increases expected on October 15 in hopes of future price declines. Yet, this led to inventory losses for oil companies, who expressed concerns over the impact.
The international prices for petrol & HSD recently fell by $1.5 & $2.5 per barrel, respectively. During this period, the government’s import premium for Petrol & HSD remained steady at $8.7 & $5 per barrel. The exchange rate holding strong. Approximately Rs76 per litre in taxes applies to both Petrol & HSD. With Rs60 per litre for the Petroleum development levy & Rs16 per litre customs duty.
The Oil & Gas Regulatory Authority (OGRA) announced an increase in liquid petroleum gas (LPG) prices by Rs2.88 per kg for November. Bringing the price for an 11.8kg cylinder to Rs2,999.47. This change correlates with a rise in the Saudi Aramco-CP rate & a slight dollar exchange rate decrease.
Petroleum Key Points:
- Price Increases: Petrol up by Rs1.35 to Rs248.38/litre; HSD up by Rs3.85 to Rs255.14/litre.
- Price Reductions: Kerosene reduced by Rs1.48/litre; light diesel reduced by Rs2.61/litre.
- OGRA Adjustments: Price changes based on international market fluctuations, with taxes & levies retained.
- LPG Price Increase: New price for LPG up by Rs2.88 per kg; 11.8kg cylinder now Rs2, 999.47.
- Effective Date: The Ministry of Finance confirms that new Petroleum product prices are effective immediately.
\For the latest global news and trending updates, connect with ZAFF Trends & stay informed on everything happening worldwide.
