Photonews Logo Photonews logo
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Azad Jammu Kashmir
    • Balochistan
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
    ICC Men's Cricket World Cup 2023 Official Anthem
    SportsVideos

    Unveiling of ‘Dil Jashn Bole’: The Anthem of ICC Men’s Cricket World Cup 2023

    September 20, 2023 1 Min Read
    Sabrina Bahsoon, Tube Girl, TikTok sensation
    EntertainmentVideos

    Sabrina Bahsoon: From Law Graduate to Viral “Tube Girl” of TikTok

    September 20, 2023 3 Min Read
    Coco Gauff 2023 US Open Champion
    SportsVideos

    Coco Gauff: US Open Champion and TikTok Trendsetter

    September 18, 2023 2 Min Read
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Reading: Gear Up for a Financial Jolt: Petrol Rates Set to Cross Rs320 per Litre
PhotoNews PakistanPhotoNews Pakistan
Aa
Search
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Balochistan
    • Azad Jammu Kashmir
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Have an existing account? Sign In
Follow US
© 2022 Photonews. All Rights Reserved.
Petroleum Price Increase
PhotoNews Pakistan > Business > Gear Up for a Financial Jolt: Petrol Rates Set to Cross Rs320 per Litre
BusinessTop News

Gear Up for a Financial Jolt: Petrol Rates Set to Cross Rs320 per Litre

Last updated: 2023/09/14 at 10:08 AM
3 Min Read
Share
SHARE

The persistent surge in energy rates is set to continue, with petroleum product prices expected to climb again later this week. This rise is attributed to the devaluation of the local currency coupled with escalating global oil prices.

Sources disclosed that anticipated price hikes for petrol and high-speed diesel (HSD) are in the range of Rs10-14 and Rs14-16 per litre, respectively, effective from September 15 for the subsequent two weeks. Furthermore, kerosene is projected to be pricier by around Rs10 per litre, considering the prevailing tax regimes and import parity pricing.

Implications on Middle and Lower-Middle-Class Budgets

Within the first half of the current month, the rupee witnessed a depreciation, initially hitting Rs304 against the dollar before settling below Rs300. However, this depreciation was offset as Brent crude prices soared past $92 per barrel on Wednesday, compared to $88 at the beginning of September, negating potential benefits from the exchange rate fluctuation.

The import parity pricing of petrol, diesel, and kerosene has risen by approximately Rs13, Rs14, and Rs10 per litre since the start of the month. This indicates a probable selling price increment of Rs13, Rs16, and above Rs10 per litre, in accordance with Pakistan State Oil’s product imports. A corresponding increment is anticipated for jet fuels by Rs10 per litre.

Consequently, petrol and diesel costs are expected to surpass Rs320 and Rs325 per litre, respectively, with kerosene potentially reaching beyond Rs240 per litre.

Petrol predominantly fuels personal transportation and smaller vehicles, directly affecting the financial planning of the middle and lower-middle-class segments. These augmentations in petroleum product prices follow a 27.4% inflation surge witnessed in August, a trend predicted to echo in the general pricing matrix in the forthcoming period.

Currently, while there is no GST levied on petroleum products, the government imposes substantial petroleum development levies and customs duties on various fuels, contributing to its revenue stream predominantly through significant monthly sales of petrol and HSD, as opposed to the relatively lower demand for kerosene.

TAGGED: Featured, Pak­istan, Petrol
Zainab Haider September 14, 2023
Share this Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

Chinese power plants In Pakistan

NEPRA Alleges Inferior Coal Use in Chinese Power Plants

Faizabad Sit-in Case Review

Supreme Court of Pakistan to Review Faizabad Sit-in Case on September 28

Chief selector Inzamam-ul-Haq

The PCB Announced Squad For ICC World Cup 2023

Victoria Volkova

Victoria Volkova, the first Mexican trans model to pose for Victoria’s Secret

Stephen A. Smith, Ceremonial Pitch, Baseball Controversy

Stephen A. Smith Booed After Bouncing First Pitch at Yankee Stadium by Fans

Lionel Messi interview with Migue Granados

Messi’s Unexpected Question: The Mystery Behind “La Comadreja”

Post Archives

More Popular from Photonews

Parvez Elahi Bail in Judicial Complex Attack Case
Pakistan

PTI President Parvez Elahi Secures Bail in Judicial Complex Attack Case

2 Min Read
UNGA Pakistan Climate and Health
Pakistan

Prime Minister Kakar Addresses Climate and Health at the 78th UNGA Session

2 Min Read
ECP General Elections January 2024
PakistanTop News

Election Commission of Pakistan Confirms January 2024 Poll Date

2 Min Read
SportsTop News

India Triumphs in the Asia Cup 2023: A Historic Win Over Sri Lanka

In a spectacular display of cricket prowess, India decisively clinched their eighth Asia Cup title on…

September 17, 2023
Sindh

UAE Halts Sea Imports of Frozen Meat from Pakistan due to Fungus Concerns

The United Arab Emirates (UAE) has temporarily stopped importing frozen meat from Pakistan via sea after…

September 21, 2023
PakistanTop News

Government Announces Sharp Rise in Petrol and Diesel Prices

The government has announced a steep increase in petrol and diesel prices, with petrol prices rising…

September 16, 2023
Entertainment

Selena Gomez Steals the Spotlight from Shannon Sharpe at Giorgio Baldi

At Giorgio Baldi, an upscale Italian restaurant in Santa Monica, took an unexpected twist for former…

September 22, 2023
PhotoNews Pakistan

Always Stay Up to Date

Subscribe to our newsletter to get our newest articles instantly!

Categories

  • World
  • Pakistan
  • Punjab
  • Sindh
  • Khyber Pakhtunkhwa
  • Balochistan
  • Azad Jammu Kashmir

 

  • Top News
  • Business
  • Entertainment
  • Sports
  • Videos
  • Tech
  • Offbeat
  • Blog

© 2023 Phototnews
All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?