ISLAMABAD: The Oil Marketing Companies (OMCs) have sustained the price of Hi-Octane blending component (HOBC) fuel at the previous fortnight ended on January 31, 2023.
The petroleum levy (PL) on HOBC has been kept at Rs 50 per litre against Rs 60 per litre levied on low-grade (motor gasoline).
The Oil and Gas Regulatory Authority (Ogra) does not control Hi-Octane petrol price in Pakistan and individual OMCs which import the fuel set its price which accounts for Hi-Octane prices varying across different petrol pumps within one city.
OMAP urges Minister to resolve OMC issues
In the last review, the price of HOBC declined by Rs 9 per litre starting from January 16, 2024, an owner of a petrol station told this correspondent.
Pakistan State Oil (PSO) has kept the Altron X 97 Hi-Octane price unchanged at Rs 290.88 per litre HOBC. Attock Petroleum Company Limited (APL) is selling at Rs 300 per litre Xtron Hi-Octane. Shell V-Power Octane price is Rs 295 per litre. The price difference between Hi-Octane and petrol is around Rs18 per litre at present.
The international price of petrol 95 Ron remains at around $ 93.8 per bbl since January 16, 2024, against $ 87.90 per bbl on January 1, 2023.
An official of the Petroleum Division told Business Recorder on the condition of anonymity that the government is collecting around Rs 160 million PL per month on fuel since 16 November 2022 when the Pakistan Democratic Movement (PDM) government raised PL on HOBC from Rs 30 to Rs 50 per litre.
According to an OMC estimate, the HOBC consumption is around 300 metric tonnes per day which amounts to a total consumption of 9,000 metric tonnes in a month.
The high-octane blended fuel is used by luxury and imported cars.
Compared to ordinary petrol (motor gasoline), the HOBC’s main use is improved mileage and better engine performance.
Copyright Business Recorder, 2024
Comments
Comments are closed.