ISLAMABAD: The government has jacked up the prices of petrol and kerosene oil by Rs 10 per litre and Rs 5.78 per litre with effect from April 16, 2023, in a fortnightly review of petroleum prices.

In a television statement, Finance Minister Ishaq Dar said the federal government is compelled to increase the prices of petroleum products due to raise in Brent oil prices internationally in last 15 days besides the rupee depreciation against the dollar. The Oil and Gas Regulatory Authority (Ogra) had recommended a significant increase, the minister said, but the federal government did not pass on the full impact to masses.

The government, however, decided to keep the prices of HSD and light diesel oil (LDO) unchanged for second half of April.

Govt increases petrol price by Rs10, takes it to Rs282 per litre

The government is charging Rs 50 per liter petroleum levy (PL) on both petrol and high speed diesel (HSD) and zero general sale tax (GST) to meet one of the conditions of the IMF.

The new ex-depot price of petrol will be now be Rs 282 per litre instead of Rs 272 per litre following increase of Rs 10 per litre. The price of kerosene oil has also been raised by Rs 5.78 per litre. The new price of kerosene oil is Rs 186.07 from Rs 180.29 per litre. Sources in the Petroleum Division said the petrol price was estimated to be raised by Rs 14 per litre and HSD by Rs 15 per litre for the next fortnight.

Sources added that the raise in the price of petrol is based on Rs 6 per litre exchange loss adjustment of Pakistan State Oil (PSO) and Rs 4 per litre hike due to raise in Brent oil price. The price of HSD has been kept unchanged as storages of refineries are full and ample supply of Iranian diesel in the market.

Copyright Business Recorder, 2023