ISLAMABAD: The Government of Pakistan is likely to up the price of high-speed diesel (HSD) by Rs. 8 per liter on February 16, 2024.
However, final decision will be confirmed tomorrow and hinges on adjustments related to premium rates and exchange rates.
If the suggested changes are put into effect, the cost of HSD (High-Speed Diesel) might increase from Rs. 285 to Rs. 293 per liter. These estimations for the upcoming two weeks starting February 16 rely on existing rates of petroleum levy and general sales tax.
Also check: Gold Rate in Pakistan today, 14 february 2024
The government is also considering maintaining the price of kerosene oil (kero) but could revise upwards the rate of light diesel oil (LDO) by Rs. 2.50 per liter.
MS petrol rates will likely remain unchanged for the upcoming fortnightly review.
Also, market trends indicate an increase in the price of Brent by around $1.5 per barrel to $83. Notably, the cost of HSD increased by approximately $3 per barrel during the same period.
It is pertinent to mention that Pakistan State Oil (PSO) recently paid a premium of $9.43 per barrel for petrol, a slight decrease from the previous figure of $9.47 recorded in the last fortnight. Similarly, the premium paid for HSD stands at $6.50 per barrel. Furthermore, an estimated exchange rate adjustment of 50 paisas for petrol and Rs. 1.70 per liter for HSD is anticipated.
For most of this fiscal year, petrol prices in Pakistan have stayed elevated. On January 31, 2024, the cost of petrol rose by Rs. 13.55 per liter to reach Rs. 272.89 per liter, and the price of high-speed diesel went up by Rs. 2.75 per liter to Rs. 278.96 per liter.
