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HomeNationalPetrol prices in Pakistan likely to remain unchanged

Petrol prices in Pakistan likely to remain unchanged

The government may maintain the present ex-depot pricing for petrol and high-speed diesel for the first half of January 2023.

According to local media reports, the cost of petrol should decrease by Rs0.46 per liter and the price of diesel should decrease by Rs0.92 per liter as of January 1, 2023, while taking into account the current petroleum levy, general sales tax, and inland freight equalization margin.

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According to Pakistan State Oil (PSO), claims of exchange loss amount to Rs5.50 per liter for gasoline and Rs3.50 for diesel.

PSO incurs rupee-to-dollar exchange loss when importing petroleum products. The government permits the recouping of exchange losses in the prices of petroleum products.

However, there are instances when PSO is not allowed to recover currency losses to maintain stable petroleum prices and prevent political backlash. Even if the oil marketing juggernaut has to recover more than Rs600 billion from its clients, it still happens.

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The rupee-to-dollar exchange rate has climbed by Rs1.11 from Rs224.51 to Rs225.62.

In addition, to raise more money from oil customers, the government increased the petroleum tax on gasoline, diesel, and high-octane blending components (HOBC).

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