Summary Except for high speed diesel, all petroleum prices are expected to increase.
ISLAMABAD (Dunya news) – Price of petroleum on Thursday is expected to rise by Rs. 3.97 per liter from the 1st of March. The reason behind the rise is increase of petroleum prices in the international market along with increase in General Sales Tax (GST) on petroleum products. The ascent in prices of petroleum will halt the process of persistent cutbacks in petroleum prices being carried out for the past 7 months.
According to the sources, except for high speed diesel, all petroleum prices are expected to increase. Petrol costs will rise from Rs. 70.29 per liter to Rs. 74.26 per liter. The cost for hi octane has been suggested to be increased by Rs. 4.5 per liter. The price will then elevate from Rs. 80.31 to Rs. 84.81 per liter. Kerosene cost will increase by Rs. 2.67 after which the price will increase from Rs. 61.44 to Rs. 64.11. Light diesel’s price will climb from Rs. 57.94 to Rs. 60.55. The cost has been suggested to be increased by Rs. 2.61 per liter.
Apart from the price hike in all petroleum products, high speed diesel’s price is expected to go down by Rs. 3 per litre. Its cost will decrease from Rs. 80.61 to Rs. 77.61.
During the past 2 months, GST on petroleum products has been increased from 17% to 27%.
According to the statistics, the incidence of cutbacks in petroleum prices had been going on from August 2014 which is expected to come to a stop after 7 months.
