ISLAMABAD: The federal government allowed the Pakistan State Oil (PSO) an exchange rate adjustment of Rs9.92 per litre on petrol and Rs13.12 per litre on high-speed diesel (HSD) with effect from February 16 while keeping the petroleum levy (PL) rates on both products unchanged.
On January 29, there was no adjustment claim of PSO on petrol and Rs13.15 per litre on HSD.
The Oil and Gas Regulatory Authority (OGRA) ex-refinery sale price calculation reveals that petroleum prices were closed at US dollar/ Rs236.40 on January 27 which stood at Rs271.08 on February 15. The oil marketing companies (OMCs) had estimated that the petrol price would likely go up by Rs32.07 per litre and the price of HSD by Rs32.84 per litre due to the exchange rate.
Sources said that the government has absorbed the exchange rate adjustment in the rate of IFEM (inland freight equalisation margin) on both petroleum products by revising their rate downward.
Govt increases petrol price by Rs22.20, takes it to Rs272 per litre
According to the build-up of the POL prices effective from February 16, the average Platts with incidentals and duty for petrol increased by Rs18.19 to Rs195.66 from Rs177.47 per litre on January 29, 2023.
Details show that the ex-refinery price of petrol has surged by Rs28.11 per litre to Rs205.58 on February 16, from Rs177.47 per litre on January 29, 2023.
Petroleum levy on petrol sustained at Rs50 per litre and IFEM went down by Rs5.91 per litre to stand at Rs3.42 down from Rs9.33 per litre.
However, dealers’ margin stands at Rs7 per litre, and the distance margins stands at Rs6.00 per litre. The ex-depot price of petrol went up by Rs22.20 to stand at Rs272.00 per litre on February 16 from Rs249.80 per litre on January 29, 2023.
On HSD, the average Platts with incidentals and duty increased by Rs13.09 to stand at Rs221.30 on February 16 from Rs208.21 per litre on January 29. In the case of HSD, PSO exchange adjustment down by three paisas (0.03) per litre to stand at Rs13.12 on February 16 from Rs13.15 per litre on January 29. The ex-refinery price of HSD worked out at Rs234.42 with an increase of Rs13.05 per litre.
The IFEM has reduced by Rs3.94 per litre to Rs6.76 per litre on February 16 from Rs9.33 per litre on January 29. Dealers’ margin on HSD stands at Rs7 per litre with distance margins at Rs5.34 per litre. The ex-depot price has increased by Rs17.20 from Rs262.80 to Rs280 per litre.
However, the petroleum levy on HSD was kept unchanged at Rs40 per litre as on January 29.
The government is currently getting the PL of Rs30 per litre on high octane blending component, 32 Paisas on kerosene oil, and Rs27.25 on light diesel oil (LDO). The Oil and Gas Regulatory Authority (OGRA) refused to share the recommended prices of petroleum products worked out for the current half of February with the media.
Copyright Business Recorder, 2023
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