ISLAMABAD: Vehicle owners should gear up to be hit with another jolt as the government is likely to jack up petrol prices by up to 12.8% per litre for the second half of February 2023.
According to sources, the ex-depot per litre price of petrol is calculated to go up by Rs 32.07 (or 12.8%), High Speed Diesel (HSD) price is to witness a rise of Rs 32.84/litre (or 12.5%), while Kerosene oil price is estimated to be hiked by Rs 28.05/litre (or 14.8%) and light diesel oil (LDO) price may witness a hike of Rs 9.90/litre (or 5.3%) during the second half of February this year.
“Likely new prices are based on current government taxes and estimated PSO incidentals,” said sources.
The estimated USD/Rs adjustment applies Rs 15/litre for both products (Petrol & HSD) while it is assumed that petroleum levy (PL) on the HSD will rise to Rs 50 per litre, they added.
At present, petrol is available at Rs 249.80/litre, HSD at Rs 295/litre, Kerosene oil at Rs 189.83/litre and LDO at Rs 187/litre.
However, sources further said that if the hike is approved then the new price of petrol will stand at Rs 281.87/litre, HSD at Rs 295.64/litre, kerosene oil at Rs 217.88/litre and LDO at Rs 196.90/litre during the last fifteen days of February 2023.
HSD is widely used in transport and agriculture sectors. Therefore, any increase in its price will be a blow to consumers in the form of rising inflation. Similarly, petrol is used by motorbikes and cars and is an alternative to Compressed Natural Gas (CNG). And gas is already not available for CNG stations to feed transport due to the issue of availability in the winter months.
Furthermore, kerosene oil is used in remote areas where LPG is not available for cooking purposes; the Pakistan Army is a key user of it in northern parts of Pakistan.
It is also learnt from sources that the ex-refinery price for the second half of February 2023, of petroleum products is calculated to go up by 21.4%. The ex-refinery price of petrol is calculated to go up by 21.4% from Rs 177.40/litre to Rs 215/litre, HSD price from Rs 221.36/litre to Rs 240/litre (8.8pc), Kerosene oil from Rs 182.13/litre to Rs 210.18/litre (15.4%) and ex-refinery price of LDO is also estimated to go up from Rs 153.99/litre to Rs 163.89/litre (6.4%).
It is important to remember that the common man is already burdened and this hike in the prices of petroleum products will add much more to their misery.
Unfortunately this is not a one time phenomenon. Although various suggestions by local economists have taken place, with India’s policies in 1990-91 as an example, to provide suggestions on how to get out of this rut, successive govt seems to freeze when taking the necessary steps. This has aggravated the economic mess we find ourselves in. Govt seems incapable to take the first step which is to replace Ishaq Dar with a reputable economist and is preferring family over the country. May God Save this country!!!
This is very bad news for us, we heard that propery prices will also increase
If the price hikes the size..but if it rolls back it will only shrink? !!!it’s a pity that my income is small.