New petrol, diesel prices to be unveiled for first two weeks of February 2024

New petrol price in Pakistan on February 1, 2024

LAHORE: The ‘outgoing’ government of Pakistan is poised to unveil an announcement today that is likely to exacerbate the challenges faced by the inflation-burdened public.

Latest reports suggest that the impending revelation will pertain to a surge in the prices of diesel and petrol in Pakistan.

The anticipated adjustments, scheduled for disclosure before 11:59 pm today, are slated to take effect on February 1, 2024, for the initial fortnight of the month.

Preliminary indications point towards an expected increment of approximately Rs7.50 per litre for petrol and a raise of Rs2 to Rs2.5 per litre for diesel in Pakistan.

It is crucial to emphasise that the official notification and the final decision regarding the proposed increase or decrease in petrol prices rest with the government, and an official announcement is anticipated today.

Presently, the government imposes a petroleum development levy (PDL) of Rs 60 per litre on petrol. Consumers also bear additional costs, including Rs5.69 per litre as IFEM (Internal Freight Equalisation Margin), Rs7.87 per litre as OMCs margin, and Rs8.64 per litre as dealers’ margin.

Similarly, the government applies a PDL of Rs60 per litre on high-speed diesel (HSD). Consumers utilising HSD in their vehicles are subject to an IFEM of Rs4.24 per litre, an OMCs margin of Rs7.87 per litre, and a dealers’ margin of Rs8.64 per litre.

As of today, the petrol price stands at Rs259.3 per litre after a recent reduction of Rs8 per litre in the past fortnight. Conversely, the diesel rate has been maintained at Rs276.21 per litre.

Additionally, kerosene oil and light diesel oil rates saw a decrease of Rs1.97 and Rs0.92 per litre in the latest revision.

The looming increase in fuel prices adds to the economic concerns already faced by the public, emphasising the need for careful consideration and evaluation by the government before finalising the decision.

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