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HomeBusinessEconomyGovt expected to increase petroleum levy from tomorrow

Govt expected to increase petroleum levy from tomorrow

According to expectations, the government will increase the petroleum tax starting tomorrow, making it doubtful that diesel customers would see any relief.

Ishaq Dar, the finance minister, is also expected to hold the oil prices steady for the first two weeks of December.

Thanks to the recent increase in PL on gasoline and High-Octane Blending Component (HOBC) to the planned amount of Rs50 per litre, the government now has the option to increase the rate of PL on diesel, an essential item that is extensively used in the transportation and agricultural sectors.

However, the majority of people’s daily lives will be directly impacted by this transformation. The price of high-speed diesel (HSD) is presently Rs12.59 a litre. However, sources claim that over the previous two weeks, the price of diesel had dropped by Rs11.95 per litre. If the government agrees to pass down the savings, diesel prices might drop from Rs235.3 per litre to Rs223.35 per litre.

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The price of diesel, kerosene, and light diesel oil (LDO) decreased significantly despite the rupee losing Rs1.81 to reach Rs223.62. The basis for the variation in oil prices is the current rate of PL and GST.

For HSD and gasoline, respectively, the Inland Freight Equalization Margin has been established at Rs. 1.90 and Rs. 6.69 per litre. For Pakistan State Oil, the exchange loss per litre for gasoline was Rs3.01 and for HSD it was Rs2.10.

PSO imports goods, so depending on how much the local currency is worth, it might experience exchange gains or losses. Prices for LDO and kerosene oil both dropped by Rs13.39 and Rs9.91, respectively, per litre.

Cooking is done with kerosene oil in remote areas without access to LPG. If the government provides relief, the price of kerosene oil might drop from Rs191.83 to Rs181.92 per litre and the price of LDO from Rs186.50 to Rs173.11 per litre.

From the current level of Rs224.80 per litre, the price of gasoline has increased by Rs2.62 per litre, with a potential increase to Rs227.42 per litre

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