Another fuel price hike on the cards
The federal government is prone to drop one other petrol bomb on the lots on Feb 16 (Thursday) after it already jacked up the costs by Rs35 per litre on Jan 29, two days forward of schedule.
The lots ought to get able to bear a heavy jolt as the costs of petroleum merchandise might be elevated by as much as 12.5 per cent for the second half of ongoing Feb 2023.
Based on sources, the ex-depot per litre value of petrol is calculated to go up by Rs32.07 (12 per cent), high-speed diesel (HSD) may witness an increase of Rs32.84 per litre (12.5 per cent), kerosene oil is estimated to be hiked by Rs28.05 per litre and light-weight diesel oil (LDO) may see a hike of Rs9.90 per litre.
“Possible, the brand new costs are based mostly on present authorities taxes and estimated PSO incidentals,” the sources mentioned.
The estimated greenback/rupee adjustment applies Rs15 per litre for each merchandise (petrol and HSD) whereas it’s assumed that the petroleum levy (PL) on HSD will rise to Rs50 per litre, they added.
At current, petrol is offered at Rs249.80 per litre, HSD at Rs295 per litre, kerosene oil at Rs189.83 per litre and LDO at Rs187 per litre.
Nonetheless, the sources mentioned that if the estimated mentioned hike is accepted, the brand new value of petrol will stand at Rs281.87 per litre, HSD Rs295.64 per litre, kerosene oil Rs217.88 per litre and LDO Rs196.90 per litre throughout the second half of Feb 2023.
Additionally it is learnt from the sources that the ex-refinery value for the second half of February 2023 of petroleum merchandise is calculated to go up by 21.4%.
They mentioned that the ex-refinery value of petrol is calculated to go up by 21.4 per cent from Rs177.40 per litre to Rs 215 per litre, HSD value from Rs221.36 per litre to Rs240 per litre (up 8.8 per cent), kerosene oil from Rs182.13 per litre to Rs210.18 per litre (up 15.4 per cent) and ex-refinery value of LDO can be estimated to go up from Rs153.99 per litre to Rs163.89 per litre (up 6.4 per cent).
The already burdened frequent man will bear a further heavy jolt within the type of a colossal hike within the costs of petroleum merchandise throughout the second half of February 2023 if the federal government approves the proposed hike for future oil costs.
The HSD has been extensively used within the transport and agriculture sectors. Subsequently, any improve in its value might be a blow to shoppers within the type of rising inflation.
Petrol is utilized by motorbikes and vehicles and is a substitute for compressed pure fuel.
Gasoline just isn’t already accessible at CNG stations to feed transport on account of its availability problem within the winter season.
Kerosene oil is utilized in distant areas the place liquefied petroleum fuel just isn’t accessible for cooking functions.
Pakistan Military is a key consumer of it in northern elements of Pakistan.