According to informed sources, petrol and high-speed diesel (HSD) prices have surged in the international market by approximately $4 and $4.50 per barrel, respectively, over the past two weeks. This escalation is expected to result in a projected increase of Rs2.50 to Rs2.80 per liter for petrol and Rs8 to Rs8.50 per liter for HSD, pending final calculations.
Interestingly, the import premium on petrol has decreased by nearly 21%, now standing at $10.7 per barrel compared to $13.50 at the end of March. Moreover, the rupee has strengthened by approximately 40 paisa against the dollar, reaching Rs278.20. Consequently, the overall impact translates to an estimated increase of about Rs2.80 per liter in petrol prices from the current rate of Rs289.41.
Meanwhile, HSD prices have risen in the international market, with the import premium remaining unchanged at $6.50 per barrel for the benchmark Pakistan State Oil. As a result, HSD rates are anticipated to climb by Rs8 to Rs8.50 per liter, contingent upon final exchange rate adjustments, from the current depot stage rate of Rs282.24 per liter.
In terms of price calculations, petrol prices surged by approximately $4 per barrel to $98.5, while HSD prices increased by $4.50 per barrel to $102.9.
The government had previously raised petrol prices by Rs9.66 per liter and reduced HSD prices by Rs3.32 per liter for the fortnight ending April 15.
With the government already achieving the maximum permissible petroleum levy of Rs60 per liter under the law for both petrol and HSD, it aims to collect Rs869 billion as petroleum levy on petroleum products for the current fiscal year. Despite revising the target to Rs920 billion by the end of June, it has already collected about Rs475 billion in the first half (July-December) of the fiscal year and is expected to reach approximately Rs970 billion by the end of the year.
Presently, the government imposes approximately Rs82 per liter tax on both petrol and HSD.
