Rs32 per litre increase - govt may drop another petrol bombshell on the masses
Business
The POL prices are expected to increase subject to the US dollar exchange rate
LAHORE (Web Desk) - The government is likely to drop another fuel price hike bomb on the masses already reeling under financial crunch.
The prices of petroleum products may be increase by over Rs32 per litre from Feb 16 (tomorrow) due to the US dollar exchange rate, sources told Dunya News.
Petroleum, oil and lubricants prices closed at Rs236.40 per dollar which currently stands at Rs271.82 for the next fortnight.
Sources claimed the motor gasoline price would likely go up by 12.8 per cent per litre or by Rs32.07 to stand at Rs281.87 from Rs249.8 per litre. Similarly, the price of diesel could surge by 12.5pc or by Rs32.84 to stand at Rs295.64 from Rs262.8 per litre previously. Kerosene oil price is forecast to increase 14.8pc or by Rs28.05 to stand at Rs217.88 per litre, while light diesel oil (LDO) could go up 5.3pc or by Rs9.90 to stand at Rs196.90 from Rs187 per litre set in the last review.
The above prices have been assumed based on the current government taxes and estimated Pakistan State Oil (PSO) incidentals.
The Shehbaz-led government had earmarked the target to get a revenue of Rs850 billion by imposing a petroleum levy on petroleum, oil and lubricants, but the shortfall in this head has been estimated at Rs250 billion, and the authorities have pinned hopes on getting a revenue of Rs600 billion.
The government had carried out a massive increase of Rs35 per litre from Febr 1, 2023, till Feb 15.
Currently, the government is charging Rs50 per litre petroleum levy, whereas the general sales tax (GST) has not been imposed yet. Last time, the government had enhanced prices of petroleum products on Jan 29, 2022.
