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Petrol price hiked by massive Rs12 a litre

Petrol price hiked by massive Rs12 a litre
By Our Correspondent February 16, 2022
Petrol price hiked by massive Rs12 a litre
ISLAMABAD: The government Tuesday significantly increased prices of petroleum products after crude oil hit an eight-year high in international market that will add to inflationary pressure in the economy and affect the household budgets of millions of Pakistanis.
The government increased the petrol price by Rs12.03/litre, diesel Rs9.53/ litre, kerosene Rs10.08/litre and light diesel oil (LDO) by 9.43/litre for the next half of this month. The new prices will be effective from today (Wednesday). On Monday, Global Benchmark Brent prices very nearly hit the $100 per barrel threshold on as supply disruption fears spiked due to reports of Russia potentially invading Ukraine. But, later the end of Russia’s military drill next to the Ukrainian border eased concerns somewhat, nudging Brent back into the lower 90s. On Tuesday, it was hovering between $92 and 93 a barrel, the level last seen in 2014.

According to Finance Division’s handout, ex-depot price of petrol has been increased from earlier Rs147.83 to Rs159.86 a litre; high-speed diesel from Rs144.62 to Rs154.15 a litre, kerosene from Rs116.48 per litre to Rs126.56, and LDO from Rs114.54 to Rs123.97 per litre.

The statement said, “The prices of petroleum products are showing drastic increase in the international market and presently are at the highest level since 2014. Despite the unabated increase since the beginning of the year. Prime Minister Imran Khan deferred the last review of petroleum products' prices on January 31, 2022, and advised against the summary of OGRA.”

It further said, “In order to provide utmost relief to the consumers, the government levied zero per cent sales tax (ST) and reduced petroleum levy (PL) rate against the budgeted targets. Resultantly, the government is bearing a revenue loss of around Rs35 billion (fortnightly) on account of budgeted to existing PL and ST rates.”

It said that in the fortnightly review of petroleum products' prices the Prime Minister has considered the recommendation to increase prices in line with a change in international oil prices. Despite the increase in the prices, PL and ST have been kept to the minimum level.

In country’s remote areas use kerosene for cooking where gas is not available. LDO is used by flour mills and a couple of power plants. It is to be noted that for the last fortnight (Feb 1 to 15), the government had kept petroleum products prices unchanged.
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