Petrol Prices Likely To Go Up By Rs20 From Feb 16

Petrol Prices Likely To Go Up By Rs20 From Feb 16

The prices of petrol likely to increase by Rs 20 per litre in the next two weeks' review, scheduled to be held on February 15, 2023.

The government had carried out an enormous hike of Rs35 per litre in the last fortnightly review of petroleum prices. Currently, the government is charging Rs50 per litre petroleum levy (PL), whereas no general sales tax (GST) has been imposed yet.

Sources said that the exchange rate was on the higher side, due to which local consumers will not get any benefit from reductions in the prices of petroleum products in the international market.

The sources further said that the petrol price might rise even further in the coming days. On the other hand, diesel prices could go up in the next review.

They noted that diesel prices dropped by five to six dollars per barrel in the global market, but the government will not extend any relief to local consumers amid rupee depreciation.

The last increase in prices of petroleum products was made in the review on January 29, 2021, by the federal government. Following the review, petrol was priced at Rs 249.80 per liter, high-speed diesel at Rs 262.80 per liter, kerosene oil at Rs 189.83 per liter, and light-speed diesel at Rs 187 per liter.

On January 29, 2023, the government raised the prices of petrol and high-speed diesel by Rs35 per liter, and the rates of kerosene oil and light diesel oil were increased by Rs18 per litre.

The country is experiencing a petrol shortage, with Punjab suffering the most as a result of its dense population.The import of gasoline has been reduced by major oil marketing companies.whereas many petrol station owners have hoarded fuel as they are waiting for a rise in prices so they may sell it at a higher price.