Overview
Prepare yourself for another shocking price jump in petrol prices. As per our reliable source information petrol prices to jump again from tomorrow and this time it can go up to Rs. 14/liter. This huge increase in petrol prices records the new highest petrol price in Pakistan’s history. After the previous increase in petrol price by Rs. 14.91/liter the price of petrol reached to Rs. 305.36 per liter from 31 August 2023. Similarly, the High-Speed Diesel price was increased by Rs. 18.44/liter which makes the new rate of HSD of Rs. 311.84/liter.
Under the conditions of the International Monetary Fund (IMF), the petroleum development levy (PDL) increased by Rs.5/liter for petrol and reached it Rs. 60/liter.
Why Petrol Prices Jump Again
Pakistan is completely dependent on the import of petrol. There is no resource for petroleum products except import. And international market trades in dollar currency which makes changes for us several times. the devaluation of the rupee against the dollar made a major impact on prices.
The upcoming jump in prices is not only a cause of dollar fluctuation but the global prices of petrol went up also. In the first week of September, the per-barrel price was $88 but the last week’s per-barrel cost reached to $92.
Expected Petroleum Products Rates From 16 September
The petroleum products prices might reach to another increase number in next fortnight decision made on 15 September. Petrol price could increase by Rs. 10-14 per liter, High-Speed Diesel rate could jump by Rs. 14-15 per liter, meanwhile, Kerosene Oil price can jump by Rs. 10/liter. It depends on the government which figures they have decided.
Conclusion
Recently, the profit margins for OMSc have increased which also has an impact on the end user’s prices. The significant rise in the margin of petrol dealers will put more burden on the end users. Petroleum levy, dealer’s margin, and OMCs margins all cause trouble for innocent citizens. Petroleum product changes made impacts on transportation fares and overall goods prices. Due to the heavy commercial vehicle running cost the rates of daily use products increase day by day.
