- The Pakistan government has raised the prices of petrol and diesel, taking the costs of these motor fuels to new highs.
Petrol and diesel prices in Pakistan have reached new highs after the country’s government raised the costs of motor fuels on Saturday. The price of petrol in Pakistan has been increased by PKR 3.72 per litre, resulting in the motor fuel costing PKR 252.10 per litre. The price of high-speed diesel in the country has been increased by PKR 3.29 per litre, resulting in the cost being PKR 258.43 per litre. Prices of these motor fuels have been increased amid rising inflation, adding further financial strain on motorists as inflation continues to rise.
The latest price hike for petrol and diesel by the Pakistan government comes after the country witnessed another price surge on October 31. The Pakistan government previously raised the price of petrol by PKR 1.35 to PKR 248.38 per litre, and hiked the cost of high-speed diesel to PKR 255.14 per litre, following an increase of PKR 3.85, reported news agency ANI.
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The latest price hike for petrol and diesel costs has been attributed to the high premium on petroleum products in the global market and rising import costs. The fuel rates in Pakistan are determined by a pricing formula approved by the country’s government.
In the fiscal, the Pakistan government increased the maximum petroleum levy from PKR 60 to PKR 70 per liter to collect PKR 1.28 trillion, which is nearly PKR 150 billion higher than the previous year’s PKR 1.019 trillion. Also, the Pakistan government has imposed about PKR 78 per liter tax on petrol and high-speed diesel. Additionally, the country levies around PKR 8 per liter in customs duties on petrol and high-speed diesel, regardless of whether they are produced locally or imported. Oil companies and their dealers also receive approximately PKR 17 per liter in distribution and sale margins.
Meanwhile, crude oil prices in the international market edged lower on Friday and posted a weekly decline of more than three per cent, pressured by easing concern over supply risks from the Israel-Hezbollah conflict and the prospect of increased supply in 2025 even as OPEC is expected to extend output cuts.
Brent crude fell 34 cents, or 0.46 per cent, to settle at $72.94 a barrel. On the other hand, US West Texas Intermediate crude futures fell 72 cents, or 1.05 per cent, to settle at $68, from the last close before Thursday’s Thanksgiving holiday. For the week, Brent declined 3.1 per cent while WTI lost 4.8 per cent.
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First Published Date: 01 Dec 2024, 09:24 AM IST
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