Govt May Approve Rs8 Per Litre Increase in Diesel Price

By Newztodays Team

The interim government may approve an increase in diesel price by Rs 8 per litre, while keeping the price of petrol unchanged, effective from February 16, 2024.

The interim government may raise the HSD price by Rs 8 per litre, effective from February 16, 2024, subject to premium and exchange rate adjustments.

Pakistan State Oil (PSO) paid a $9.43 per barrel premium on petrol, down from $9.47 recorded in the last fortnight, and $6.50 per barrel on HSD.

The estimated exchange rate adjustment is 50 paisa per litre of petrol and Rs 1.70 per litre on HSD.

The government may maintain the price of kerosene oil (kero) and increase the rate of light diesel oil (LDO) by Rs 2.50 per litre.Why the Oil Sector continues to struggle

The price of HSD may rise from Rs 285 to Rs 293 per litre, while the price of petrol may remain at the current Rs 272.89 per litre.

The calculation for the fortnight starting from February 16 is based on the current rates of petroleum levy (PL) and general sales tax (GST).

The price of Brent crude oil rose by around $1.5 per barrel to $83 from $81.55 per barrel since February 1, while HSD became costlier by about $3 per barrel.

The Oil and Gas Regulatory Authority (OGRA) has yet to determine the recommended fuel prices for the first half of February.

The authority calculated the prices of petroleum products, taking into account monthly tax targets and the estimated fuel consumption and supply costs of Pakistan State Oil (PSO).