As the inflation rate rises in Pakistan, people across the country are keeping an eye on the petrol prices and wondering if the rates have dropped or increased.
Petrol prices are updated twice a month, once on the 15th and the second update comes at the end of each month.
Sources revealed that the prices of petroleum products are likely to increase in Pakistan from February 1st.
The prices of petrol may witness a slight fall of 36 paisa per litre. The prices of diesel and other products will go up by Rs9.47 per litre.
According to sources, kerosene oil will likely increase Rs3.69 per litre, while light diesel may see Rs6.95 per litre hike.
It is important to note here that the official fuel prices will be issued after the prime minister’s approval. The Petroleum Division will announce the new prices and they will remain effective till 15 February.
Current petrol prices in Pakistan
On January 16, the federal government increased the petroleum levy (PL) on petrol by Rs4.62 per litre. The prices of high-speed diesel (HSD) up by Rs0.80, while the fuel price remains unchanged.
The levy on High Octane Blending Component (HOBC) was also raised by Rs4.62 per litre. This pushes the total PL on petrol and HOBC from Rs79.62 to Rs84.27 per litre, while the PL on HSD has risen to Rs76.21 from Rs75.41.
In addition, a Climate Support Levy (CSL) of Rs2.50 per litre continues to be collected on petrol, HSD, and HOBC. Kerosene and light diesel oil also carry a PL of Rs20.36 and Rs15.84 per litre, respectively.
Fuel prices are further affected by the Inland Freight Equalisation Margin (IFEM), which is set at Rs8.97 per litre for petrol and Rs7.25 for HSD.
Pakistan introduces track-and-trace system for petroleum sector
The government earlier implemented comprehensive reforms to improve efficiency and transparency in the petroleum sector. A track-and-trace system has been introduced to eliminate smuggling at petrol pumps and across the fuel supply chain.
According to a statement issued by Pakistan’s Petroleum Division, the Rahguzar mobile app has been launched to provide information on legal petrol pumps.
Consumers can now identify certified and approved fuel stations through the app. A joint track-and-trace system developed by OGRA and PITB is also ready to monitor oil tankers.
Fuel tankers, terminals and retail outlets are being connected through an integrated system. Automated tank gauges and digital nozzles will be installed at petrol pumps.
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