ISLAMABAD: The government on Tuesday raised the prices of petrol and high-speed diesel (HSD) by 56 paise and Rs2.96 per litre, respectively, effective immediately for the fortnight ending Jan 15.

On the other hand, the Oil and Gas Regulatory Authority (Ogra) notified a reduction in liquefied petroleum gas (LPG) prices by Rs4.01 per kg, or 1.58 per cent, for January.

In a late-night announ­cement, the Ministry of Finance said Ogra had worked out the consumer prices of petroleum products in view of the fluctuations in the international market in the last fortnight.

The ex-depot price of HSD was increased by Rs2.96 per litre (1.1pc) to Rs258.34 for the next fortnight from Rs255.38 over the past fortnight.

Most of the transport sec­­tor runs on HSD. Its price is considered inflat­i­onary as it is mostly used in heavy transport vehicles, trains and agricultural engines like trucks, buses, tractors, tube wells and threshers and particularly adds to the prices of vegetables and other eatables.

The ex-depot petrol price was set at Rs255.66 per litre against Rs252.10 in the outgoing fortnight. Petrol is mostly used in private transport, small vehicles, rickshaws, and two-wheelers, and it has a direct bearing on the budget of the middle and lower-middle classes.

At present, the government charges about Rs76 per litre tax on both petrol and HSD. Although the GST is zero on all petroleum products, the government charges Rs60 per litre petroleum development levy on both products. It also charges about Rs16 per litre customs duty on petrol and HSD. In addition, about Rs17 per litre distribution and sales margins are going to oil companies and their dealers.

LPG

Ogra notified the new price for an 11.8kg cylinder, which was Rs2,953.36 for January compared to Rs3,000.79 in December.

The oil and gas regulatorr said the LPG producer price was linked with Saudi Aramco’s contract price (CP) and the US dollar exchange rate.

As compared to the previous month, Saudi Aramco’s CP decreased by 2pc while the average dollar exchange rate slightly increased by 0.12pc, resulting in a reduction in LPG’s consumer price by Rs47.43 per cylinder (1.58pc).

Published in Dawn, January 1st, 2025

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Dangerous times
14 Feb, 2025

Dangerous times

SPEAKING the truth should never be a death sentence. The most recent figures published by the Committee to Protect...
Difficult target
14 Feb, 2025

Difficult target

A ONE-two punch delivered by an unforeseen, sharp dip in inflation and an extremely slim base of taxpayers is...
Amazing show
14 Feb, 2025

Amazing show

PAKISTAN’S ability to turn it up at the flick of a switch remains uninhibited. The latest show came in...
Trump’s folly
Updated 13 Feb, 2025

Trump’s folly

This latest pronouncement only reinforces the fears of those who see the plan as a blueprint for ethnic cleansing.
Corruption ranking
13 Feb, 2025

Corruption ranking

IT comes as little surprise. Transparency International’s Corruption Perceptions Index for 2024, unveiled on...
Support from remittances
13 Feb, 2025

Support from remittances

EVEN though workers’ remittances dipped, albeit negligibly, in January on a month-over-month basis, the earnings...