LAHORE (Web Desk) – The administration is going to dump another gasoline price increase bomb on an already struggling populace.
Due to the exchange rate of the US dollar, the price of petroleum goods may rise by more than Rs32 a litre beginning on February 16 (tomorrow), sources informed Channel News.
The closing price for petroleum, oil, and lubricants was Rs236.40 per dollar, while the current price for the next two weeks is Rs271.82.
The price of gasoline is predicted to increase by 12.8 percent per litre, or Rs32.07, to Rs281.87 per litre from Rs249.8 per litre. Similarly, fuel prices might increase by 12.5 percent, or Rs32.84 per litre, to Rs295.64 from Rs262.8 earlier. The price of kerosene oil is expected to rise by 14.8%, or Rs28.05, to Rs217.88 per litre, while the price of light diesel oil (LDO) might climb by 5.3%, or Rs9.90, to Rs196.90 per litre from Rs187 per litre as per the previous review.
On the basis of current government taxes and expected Pakistan State Oil (PSO) incidentals, the prices shown above have been approximated.
The Shehbaz-led administration had set a revenue goal of Rs850 billion by imposing a petroleum tax on petroleum, oil, and lubricants; however, the gap in this category has been estimated at Rs250 billion, and the authorities are hoping to collect Rs600 billion.
The government increased the price of gasoline by Rs35 per litre from 1 February 2023 to 15 February 2023.
The government is already charging Rs50 per litre for the gasoline charge, but the general sales tax (GST) has not yet been implemented. The last increase in pricing for petroleum products occurred on January 29, 2022.
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