ISLAMABAD: The per liter price of high-speed diesel (HSD) is likely to witness approximately upto Rs 8/liter hike with the start of second half of the on-going month of February, 2024, it was learnt on Tuesday.
According to sources, the already burdened masses should get ready to bear additional burden in the form of significant oil price hike as per litre prices of all petroleum products are estimated to witness a hike during the second fifteen days of February 2024. They said that petrol is expected to see a rise of Rs 0.85/litre, high-speed diesel (HSD) could rise by Rs 8.01 per litre, kerosene oil may witness an increase of Rs 0.41 per litre, and Light Diesel Oil (LDO) might go up by Rs 2.76 per litre. They said these estimates are based on the current tax structure, and if approved, would mean that consumers could be paying Rs 273.74per litre for petrol, Rs 286.97 per litre for HSD, Rs 187.03 per litre for kerosene oil, and Rs 169.62 per litre for LDO, all starting from the second half of February 2024, said sources.
These proposed changes in petrol, diesel and kerosene oil prices are calculated based on current government taxes and with and without expected exchange adjustment, they added.
As per sources, petrol may see expected variation after adjustment of Rs 0.35 and HSD price is likely to witness Rs 6.31. Â
At present, petrol is available at Rs 272.89/litre, HSD at Rs 278.96/litre, Kerosene oil at Rs 186.62/litre and LDO at Rs 166.86/litre.
It is relevant to note that Petrol (Gasoline) is primarily used as fuel for cars, motorcycles, and other vehicles.
High-Speed Diesel (HSD) is mainly used as fuel for heavy vehicles like trucks, buses, and industrial machinery. It is also used in generators and some agricultural equipment.
Kerosene Oil is used for cooking and lighting in households without access to electricity.
Light Diesel Oil (LDO) is used in industrial boilers, furnaces, and certain types of engines. It’s commonly utilized in sectors like textiles, cement, and power generation.
It is pertinent to mention that the likely upcoming increases in the price of oil may have a significant influence on already burdened masses’ day-to-day expenses, household budgets, and inflation rates as a whole.
Besides, these proposed changes are subject to government approval and will depend on various factors, including global oil prices, currency exchange rates, and the financial implications for the energy sector.
