Due to currency devaluation and rising international oil prices, petroleum product prices are expected to climb again later this week.
Citing tax rates and import parity price, a media report states that petrol and high-speed diesel (HSD) prices could rise by Rs. 10-14 and Rs. 14-16 per liter respectively on September 15. Kerosene prices will also rise by Rs. 10.
The rupee depreciated by Rs. 4.5 against the dollar in the first 10 days of the current fortnight (from Rs. 299 to Rs. 304) before falling below Rs. 300. However, benchmark international Brent prices rose above $92 per barrel on Wednesday against $88 in the first week of September, negating any gains from the exchange rate.
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Due to currency devaluation and rising international oil prices, petroleum product prices are expected to climb again later this week.
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Citing tax rates and import parity price, a media report states that petrol and high-speed diesel (HSD) prices could rise by Rs. 10-14 and Rs. 14-16 per liter respectively on September 15. Kerosene prices will also rise by Rs. 10.
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The rupee depreciated by Rs. 4.5 against the dollar in the first 10 days of the current fortnight (from Rs. 299 to Rs. 304) before falling below Rs. 300. However, benchmark international Brent prices rose above $92 per barrel on Wednesday against $88 in the first week of September, negating any gains from the exchange rate.
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In addition, the government will pass on the 88 paisas per liter increase in selling margins for petroleum dealers and marketing corporations authorized by the cabinet’s Economic Coordination Committee (ECC) last week to consumers.
The sources said that the import parity price for petrol, diesel, and kerosene had climbed by Rs. 13, Rs. 14, and Rs. 10 per liter respectively since September 1.
Alternatively, sale prices of the aforementioned petroleum products were expected to rise by Rs. 13, Rs, 16, and over Rs. 10 per liter respectively as per Pakistan State Oil (PSO) product imports. Jet fuel is also Rs. 10 per liter more expensive.
Therefore, petrol and diesel prices are expected to exceed Rs. 320 and Rs. 325 per liter respectively. The kerosene price would exceed Rs. 240 per liter.
Numerous industries in Pakistan are expected to observe greater inflation following the incoming rise in fuel prices.
Via: Dawn