The Pakistani government is expected to raise the price of high-speed diesel (HSD) by Rs. 8 per litre on February 16, 2024. The decision will be confirmed tomorrow and is contingent on adjustments to premium rates and exchange rates.
Pakistani govt expected to raise the price
If the proposed changes are implemented, the price of HSD could increase from Rs. 285 to Rs. 293 per litre. These calculations for the new fortnight, which begins February 16, are based on current petroleum levy and general sales tax rates.
The government is also considering keeping the price of kerosene oil (kero) unchanged, but increasing the rate of light diesel oil (LDO) by Rs. 2.50 per litre. MS petrol prices will most likely remain unchanged for the upcoming fortnightly review.
In addition, market trends indicate that the price of Brent will rise by approximately $1.5 per barrel to $83. Notably, the cost of HSD rose by about $3 per barrel during the same period.
Pakistan State Oil statement
It is worth noting that Pakistan State Oil (PSO) recently paid a premium of $9.43 per barrel for petrol, a slight decrease from the previous figure of $9.47 recorded in the last fortnight.
Similarly, the premium paid for HSD is $6.50 per barrel. Additionally, an exchange rate adjustment of 50 paisas for petrol and Rs. 1.70 per litre for HSD is expected.
Petroleum prices in Pakistan have remained high for much of this fiscal year. On January 31, 2024, the price of petrol increased by Rs. 13.55 per litre to Rs. 272.89 per litre, while the price of high-speed diesel increased by Rs. 2.75 per litre to Rs. 278.96 per litre.
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