The price of fuel has increased by 5 rubles per liter


The government on Wednesday hiked the price of petrol by Rs 5 and high speed diesel (HSD) by Rs 13 per litre.

The new prices will be effective from March 16 (today).

“In the last two weeks, Platts Singapore has recorded an increase in prices. This coupled with the depreciation of the Pak rupee has led to an increase in POL products in Pakistan,” the finance ministry said.

According to the Ministry, the price of gasoline was 267 rupees per liter earlier, but now it will be sold at 272 rupees per liter. Similarly, the government has increased the price of HSD by Rs 13 from Rs 280 per liter to Rs 293 per liter now.

The increase in the price of kerosene was kept at Rs 2.56 per kerosene by reducing government duties on it. It is now sold at Rs 190.29 per liter as against the previous price of Rs 187.73 per litre.

Fuel prices have been reduced by Rs 5 per litre

The price of Light Diesel Oil (LDO) has been kept unchanged by the government levy adjustment. It was maintained at Rs 184.68 per litre.

The rupee’s free fall against the dollar has once again hit oil consumers. In the first decade of March, the national currency depreciated by 15.97 rupees from 262.14 rupees to 278.97 rupees, which led to an increase in the prices of petroleum products.

Currently, the government charges Rs 50 per liter for petrol and HOBC.

Gasoline is used in cars and bicycles. Its price has already risen to record levels.

The hike in the price of HSD, which is widely used in the agriculture and transport sectors, is expected to have a significant impact on common people and farmers who use the fuel in tractors.

Additionally, kerosene oil is used for cooking in remote areas of Pakistan where LPG is not available. The Pakistan Army is also a major consumer of fuel in the northern parts of the country.

The Oil Companies Consultative Council (OCAC) has strongly protested the government’s artificial control of oil prices, which has put additional burden on the industry due to its inability to meet foreign exchange losses.

It has already asked the government to offset exchange rate losses in the oil sector through the Inland Freight Equalization Margin (IFEM) to save the industry.

OCAC, which includes OMCs and refineries, has warned that the sudden depreciation of the rupee against the dollar has created a dire situation.

The industry is asking the energy and finance ministries to work out a mechanism to cover all foreign exchange losses.

OCAC requested the immediate establishment of a comprehensive cost recovery mechanism through the IFEM.

He also warned that the industry was on the brink of collapse and asked the government to take urgent measures to ensure uninterrupted supply of petroleum products across the country.

Leave a Comment