Petrol Price Raised, Kerosene, HSD Rates Cut

Petrol Price Raised, Kerosene, HSD Rates Cut

Government Hiked the Price of Gasoline

On Monday, the government hiked the price of gasoline while lowering the price of high-speed diesel (HSD) and kerosene for the next two weeks. 

According to a ministry of finance announcement, the price of petrol and light diesel oil (LDO) has been raised by Rs6.72 and 43 paisa per litre, respectively. High-speed diesel (HSD) and kerosene rates, on the other hand, were reduced by 51 paisa and Rs1.67 per litre, respectively. 

“In light of variations in worldwide petroleum prices and exchange rate fluctuations, the government has decided to modify the existing prices of petroleum goods in order to pass on the impact to consumers,” said the ministry of finance. 

Ex-Depot Price of Petrol

As a result, the ex-depot price of petrol was raised to Rs233.91 from Rs227.19, a 0.03 percent rise. 

The price of light diesel oil increased by an insignificant 43 paisa per litre to Rs191.75 per litre, up from Rs191.32 now. 

The ex-depot price of HSD, on the other hand, was fixed at Rs244.44 per litre, down from Rs244.95 per litre currently, with a notional drop of 51 paisa, or 0.2 percent. Similarly, the ex-depot price of kerosene was reduced by Rs1.67 per litre, or 0.8 percent, to Rs199.40 per litre from Rs201.07 per litre. 

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Commitment to the International Monetary Fund

In accordance with its commitment to the International Monetary Fund, the government imposes a petroleum development fee of Rs20 per litre on petrol and Rs10 on HSD, kerosene, and light diesel oil (LDO). 

On August 1, the government raised the price of HSD and kerosene by Rs9 and Rs5 per litre, respectively, while lowering the price of petrol by Rs3 per litre. Earlier on July 14, Prime Minister Shehbaz Sharif announced a drop in the cost of several products ranging from Rs18 to Rs40 per litre due to lower worldwide prices. 

Coalition Administration Led By The PML-N

That was the first time the coalition administration led by the PMLN cut petroleum prices since taking office in the second week of April. 

The government is required by the International Monetary Fund (IMF) to gradually increase PDL on oil goods to a maximum of Rs50 in order to collect Rs 855 billion during the current fiscal year.

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