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Govt may raise petrol, diesel prices by Rs10-17per liter

Petrol and diesel prices could increase from 10 to 17 Rs10 per on August 1, 2022, although oil and crude oil prices remain relatively stable. The rise has been estimated because of a massive decline in the rupee's value, according to one report.

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Sources indicate that an increase of Rs10 in petrol and Rs16-17 in diesel prices has been estimated without the inclusion of the petroleum levy (PL). If the government increases the petroleum levy of Rs5 per liter on petrol, then Mogas prices have been projected at Rs15 per liter and diesel at Rs23 per liter.

The expected increase in POL prices was also determined without the inclusion of an increase in dealer margins (DMs) on POL prices of Rs2.10 per liter of petrol and Rs2.87 per liter of diesel at Rs7 per liter approved by the CEC here on Thursday. If Rs2.10 is added to the price of petrol, the price may go up to Rs17.10 per liter, and if Rs2.87 is added, the price of diesel may increase to Rs25.87 per liter.

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And if the federal cabinet approves this decision in the next two days, the dealer margin increase will come into force on August 1, 2022. Industrial sources have reported that so far this month the value of the US dollar has increased by Rs40. and the exchange rate against the US dollar stands at 239.9427 Rs246.15 in the open market. However, they indicated that the exchange rate prevailing today (Friday) will determine the exact price of petrol and diesel.

Independent experts claim that since Thursday’s crude oil price of $99.4 per barrel, the Pakistani consumers will not be in a position to reap the dividends, Instead, they will have to face higher oil prices as a result of higher exchange rates. However, the government seems more inclined to impose PL on petrol and diesel by Rs5 per liter each as there is a need to send a signal to the IMF.

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