Rise in Petrol and Diesel Prices in Pakistan Today 16 Feb. 2024

Islamabad: Amidst the ups and downs in global oil prices, there’s a buzz in Islamabad about the possibility of petrol and diesel prices going up today.

Just a few days back, petrol prices shot up by Rs13.55 per liter starting from February 1. Now, officials are thinking about doing the same for high-speed diesel.

Starting February 16, the government is suggesting a Rs8 per liter increase in high-speed diesel rates. And they’re also considering bumping up petrol prices by 80 paise per liter.

These adjustments in diesel prices are all because of the unpredictable nature of global oil prices. They have to keep tweaking the rates from time to time.

Petrol prices 1708045804923

If the government gives the green light to raise diesel prices, you might see it go up from the current Rs278.96 per liter to Rs286.97 per liter, including premium and exchange rate changes.

Diesel plays a crucial role in transportation and agriculture. So, any increase in its price could push up inflation and affect the public.

Pakistan State Oil (PSO) has added a premium of $9.43 per barrel on petrol, which is slightly lower than the $9.47 from the last fifteen days. They’ve also added a $6.50 per barrel premium on High-Speed Diesel.

Experts say there might be a 50 paise exchange rate adjustment for petrol and Rs1.70 per liter for high-speed diesel.

While the government might keep the furnace oil price steady at Rs186.62 per liter with a small increase of 62 paise per liter, they could raise Light Diesel Oil (LDO) by Rs2.50 per liter. LDO is mainly used in industries.

Furnace oil is crucial in remote areas, especially in the north where there’s not enough liquefied petroleum gas for cooking.

Also read: Punjab Government’s Green Revolution: 10,000 E-Bikes for Students.

These calculations are based on the petroleum levy rates and sales tax for the month of February.

The Oil and Gas Regulatory Authority hasn’t finalized the proposed fuel prices for the first half of February yet. They’re looking at monthly tax goals and estimates of fuel consumption and supply costs for PSO fuel.

Spread the love