The Government of Pakistan is poised to hike the price of high-speed diesel (HSD) by Rs. 8 per liter effective February 16, 2024.

This potential adjustment, subject to confirmation tomorrow, is contingent upon modifications linked to premium rates and exchange rates.

If these proposed adjustments are enacted, the price of HSD could elevate from Rs. 285 to Rs. 293 per liter for the new fortnight commencing February 16. These computations are based on prevailing rates of petroleum levy and general sales tax. Additionally, the government is contemplating maintaining the price of kerosene oil (kero) while possibly increasing the rate of light diesel oil (LDO) by Rs. 2.50 per liter.

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Meanwhile, MS petrol rates are expected to remain unchanged for the forthcoming fortnightly review.

Furthermore, market indicators suggest a rise in the price of Brent by approximately $1.5 per barrel to $83. Notably, the cost of HSD surged by around $3 per barrel during the same period.

It’s worth mentioning that Pakistan State Oil (PSO) recently paid a premium of $9.43 per barrel for petrol, showing 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. Additionally, an estimated exchange rate adjustment of 50 paisas for petrol and Rs. 1.70 per liter for HSD is anticipated.

Petroleum prices in Pakistan have remained elevated for much of the current fiscal year. On January 31, 2024, the price of petrol was raised by Rs. 13.55 per liter to Rs. 272.89 per liter, while the price of high-speed diesel was increased by Rs. 2.75 per liter to Rs. 278.96 per liter.

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