For the first fifteen days of September 2022, the price of gasoline is projected to decrease between Rs. 14 and Rs. 20 per litre, however, the price of High-Speed Diesel (HSD) may increase between Rs. 1 and Rs. 4 per litre.
However, if the government raises the Petroleum Levy (PL) and corrects the backlog of exchange loss on the Free on Board (FOB) basis, there won’t be any decrease in the price of gasoline in the upcoming two weeks, according to sources in the oil sector on Monday.
According to sources, the cost of gasoline is predicted to reduce by between Rs14 and Rs20 per litre, while the cost of HSD is predicted to increase by between Rs1 and Rs4 per litre. They said that the government, which is short on funds, would raise the PL and correct the arrears of exchange loss in fuel prices for the first half of September.
According to them, there are fewer chances for the price of gasoline to decrease if the government raises the PL and corrects the exchange loss arrears, but if the government adds a sales tax to the sale of diesel in the first fifteen days of September 2022, the price of HSD may significantly increase.
However, according to sources in the oil business, the price of gasoline has decreased on the international oil market. They also stated that the government has not yet corrected the exchange loss, which is calculated at Rs. 23 for gasoline and Rs. 13 for diesel per litre.
According to reports, the masses that are suffering from inflation may not profit from a drop in oil prices, particularly for gasoline, on the global oil market and may instead see an increase in diesel prices in the first half of September 2022. They also stated that the government is anticipated to get Rs31 billion under the heading of GST and Rs60 billion on account of PL in the month of September.
To read our blog on “Government to increase petrol tax to Rs. 30 starting September 1,” click here.