In the first two weeks of September 2023, get ready for a significant spike in the price of oil. It is anticipated that the cost of various types of fuel would increase significantly. For instance, the cost of gasoline would increase by around Rs 9.65 per liter, and the cost of high-speed diesel might increase by about Rs 19.42 per liter. Kerosene oil and light diesel oil may both see price increases of roughly Rs 13.82 and Rs 8.66 per liter, respectively.
for high-speed diesel, about Rs 312.82 for kerosene oil, about Rs 230.97 for gasoline, and about Rs 208.79 for light diesel oil.
Based on the present taxes and fees, these potential price increases. According to Pakistan State Oil, the exchange rate changes could result in an increase of Rs 2 for gasoline and Rs 7 for diesel. Inland Freight Equalization Margin (IFEM), which now costs Rs. 4.13 for gasoline, is another fee. If the Oil and Gas Regulatory Authority (OGRA) decides to modify it, this could alter.
Kerosene oil currently costs around Rs 217.15 per liter, high-speed diesel costs about Rs 293.40 per liter, and light diesel oil costs about Rs 199.79 per liter.
Keep in mind that gasoline is the fuel used to power automobiles and motorcycles. Large vehicles like trucks and buses, as well as industrial machinery, employ high-speed diesel. Homes without electricity use kerosene oil for lighting and cooking. minimal diesel In sectors like cement and textiles, oil is used in equipment like industrial boilers, furnaces, and some engines.
It’s critical to be aware that these potential price hikes may make life more expensive for those who are already having trouble keeping up with their budgets and costs. It might also raise inflation rates generally.
But bear in mind that the government must first authorize these adjustments. They depend on factors including the price of oil on a global scale, the value of the dollar relative to other currencies, and the potential impact these changes may have on the energy sector.