ISLAMABAD: The caretaker government has announced an increase in the ex-depot price of petroleum products up to Rs 20 per litre with effect from August 16 to 31.

In a late night announcement, the caretaker Prime Minister approved an increase in the ex-depot price of petrol by Rs 17.50 and high speed Diesel (HSD) by Rs 20 per litre for second half of August.

In this respect Finance Division stated, “Petroleum price in the international market have increased during the last fortnight. At a result the consumer prices in Pakistan are also being revised”.

Up to Rs24 hike in POL products’ prices likely

The price of petrol has been increased by 6.4 percent from Rs272.95 to Rs 290.45 per litre and HSD price raised by 7.3 percent from Rs 273.40 to Rs 293.40 per litre. Over the past two weeks, refined product prices have risen by $13 per barrel to $111 per barrel, and petrol prices have climbed by $7 per barrel to $97 per barrel.

The government had already hiked petrol and HSD prices by nearly Rs20 with effect from August 1, 2023. The petroleum levy (PL) rates on petrol and HSD have been kept unchanged till August 31; however, ex-refinery rates have been increased to Rs 218.32 per litre from Rs 202.32 per litre. The PL rate on HSD is Rs 50 per litre, sources said; however, no notification has been issued till filing of the story.

The price of kerosene oil has also been increased from Rs 270.46 to Rs 287.96 per litre. The oil industry had estimated that the price of petrol may rise by Rs14 per litre and Rs24 per litre of HSD.

The government also increased the price of LPG domestic and commercial cylinders for August by Rs 10 per kg.

Copyright Business Recorder, 2023