ISLAMABAD With immediate effect for the two weeks ending January 15, the government increased the price of gasoline and high-speed diesel (HSD) by 56 paise and Rs2.96 per litre, respectively, on Tuesday.
However, the Oil and Gas Regulatory Authority (Ogra) said that the price of liquefied petroleum gas (LPG) would drop by Rs4.01 per kilogram, or 1.58%, in January.
The Ministry of Finance announced late at night that Ogra had calculated the consumer pricing of petroleum products based on the changes in the global market during the past two weeks.
For the next two weeks, the ex-depot price of HSD will be Rs258.34, up Rs2.96 per litre (1.1%) from Rs255.38 for the previous two weeks.
HSD powers the majority of the transport sector. Since it is mostly utilized in heavy-duty vehicles, railroads, and agricultural engines such as trucks, buses, tractors, tube wells, and threshers, its cost is regarded as inflationary. It also raises the cost of vegetables and other consumables.
The ex-depot price of fuel was Rs255.66 per liter, compared to Rs252.10 for the previous two weeks. The budgets of the middle and lower middle classes are directly impacted by the consumption of gasoline, which is primarily utilized in two-wheelers, rickshaws, small cars, and private transportation.
Currently, the government taxes gasoline and HSD at a rate of roughly Rs76 per litre. The government levies a petroleum development levy of Rs60 per litre on both petroleum products, even though the GST is zero on all of them. Additionally, it levies customs duty on gasoline and HSD at a rate of roughly Rs16 per litre. Additionally, oil corporations and their dealers receive distribution and sales profits of around Rs17 per litre.
LPG
Ogra announced that the price of an 11.8 kg cylinder has increased from Rs3,000.79 in December to Rs2,953.36 in January.
According to the oil and gas regulator, the US dollar exchange rate and Saudi Aramco’s contract price (CP) are related to the price of LPG producers.
The consumer price of LPG dropped by Rs47.43 per cylinder (1.58 percent) compared to the previous month as Saudi Aramco’s CP fell by 2 percent and the average dollar exchange rate increased by 0.12 percent.
