ISLAMABAD: The government is probably going to drop another petroleum bomb on the majority on Feb 16 (Thursday) after it previously lifted the petrol price by Rs35 per liter on Jan 29, two days early.
The authorities have decided to increase the prices of petroleum products by up to 12.5% for the mid-half of February 2023. The majority of people should prepare themselves to bear a heavy shock due to this increase.
Sources indicate that the authorities plan to increase the ex-depot price of petrol by Rs32.07 per liter (12%), while high-speed diesel could see a hike of Rs32.84 per liter (12.5%).
According to their estimates, they expect an increase of Rs28.05 per liter for kerosene oil and Rs9.90 per liter for light diesel oil.
“Probable, the new costs depend on current government taxes and estimated PSO incidentals,” the sources said.
They added that the assessed dollar/rupee adjustment will apply Rs15 per litre for both petrol and High-Speed Diesel, while the PL on HSD will increase to Rs50 per liter.
As of now, petrol is available at Rs249.80 per litre, HSD at Rs295 per litre, kerosene oil at Rs189.83 per litre and Light Diesel Oil Rs187 per litre.
Petrol price increased , then prices for gasoline (Rs281.87 per liter), diesel oil ( Rs295.64 per liter), and kerosene oil ( Rs217.88 per liter) will be in effect during February of 2023, according to sources.
If approved, the proposed hike in future oil prices could result in a significant increase in the prices of petroleum products during the second half of February 2023, placing an additional burden on the already-struggling common man.
Transport and agriculture areas widely use HSD. Therefore, any increase in its price will be a blow to consumers in the form of rising inflation.
Motorbikes and cars rely on petrol as their primary fuel source. Some people choose to use compressed natural gas (CNG) instead, because it is a more environmentally friendly option. Gas isn’t now accessible at CNG stations to take care of transport because of its accessibility issue in the winter season.
Kerosene oil is used in areas where liquefied petroleum gas (LPG) cannot be accessed. This includes remote locations and situations where LPG would not be practical for cooking purposes.