Today is March 14th, and the revision in petrol prices in Pakistan is just a day away. Fuel prices are revised on the night of the 15th of every month for the next fortnight. Previously, media reports revealed that petrol prices would decrease up to Rs. 5. However, recent updates have reported that the prices of petroleum products will remain unchanged for the next 15 days.

The Details

In accordance with the officials, it has been revealed that the premium on petrol income has increased from $10.45 per barrel to $12.15 per barrel as of February. However, the exchange rate and global market keep oil prices within a range, while the premium on diesel income remains steady at $6.50 per barrel. Consequently, there could be an approximate increase of Rs. 1 in petrol prices while diesel rates might witness a reduction of Rs. 1.

Therefore, the government can maintain the prices of both products through adjustments in the exchange rate and the International Monetary Fund (IMF) stabilization margin. Similarly, there is no possibility of fluctuations in the prices of kerosene oil and light diesel as well.

The government is already levying a development levy of Rs. 60 per liter on both petrol and diesel, which is the maximum limit under the law. When deciding these prices, the government also considers factors like the needs of Pakistan State Oil, taxes, and global oil prices. This time, geopolitical tensions and supply concerns have driven up oil prices by nearly 10% in the first two months of 2024.

Currently, the government is imposing approximately Rs. 82 per liter tax on both petrol and diesel. Although there is zero General Sales Tax (GST) on all petroleum products, the government is collecting Rs. 60 per liter petroleum levy on both products.

What do you think about the upcoming revision in petrol prices? Drop your thoughts in the comments section.