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Petrol Price Decreases February 2023

01 Mar 2023   2836
Petrol Price Decreases February 2023

Petrol Price Decreases February 2023

Earlier today, the Oil and Gas Regulatory Authority (OGRA) recommended increasing the prices of all petroleum products in Pakistan. However, the government chose to ignore this suggestion and instead lowered the cost of petrol. This decision came as a surprise to many, given the prevailing economic conditions. Now the price of Petrol has been decreased this is a relief for the citizens of Pakistan. New Fuel Prices can be found here.


New Petrol Price

The new price of Petrol is now Rs. 267, which represents a reduction of Rs. 5 from its earlier price of Rs. 272. Although this change may not have a significant impact on inflation, it is still a noteworthy development. In contrast, the price of diesel has remained unchanged at Rs. 280. It is hoped that this reduction in Petrol prices will continue in the future and not be a temporary measure to buffer against future massive price increases. As the price of Petrol has decreased we are yet to see a decrease in Diesel Prices.

OGRA's Proposal for a Price Hike
According to media reports, OGRA had sent a summary to the federal government proposing an increase in petrol prices in Pakistan. The authority had recommended a 2% and 5% General Sales Tax (GST) on petrol and diesel, respectively, as well as a 5-10% petroleum levy on Diesel.
If the government were to impose a 2% GST on petrol, its price would increase by Rs. 5.44 per liter. A 5% GST, on the other hand, would lead to a jump of Rs. 13.60 per liter. Additionally, OGRA suggested an increase of Rs. 10-15 per liter in Diesel prices.
Sources suggest that OGRA has also proposed maintaining current prices for the next fortnight, given that global fuel prices have declined in the last 15 days and now stand at $74 per barrel.
OGRA has also recommended imposing new taxes in line with global market trends to keep prices stable. The government will make a final decision on fuel prices after consulting with the finance minister and prime minister.

New Petrol Prices table: 


Product
Old Prices
New Prices
Increase
MS (Petrol)
272
267
-5
High Speed Diesel (HSD)
280
280
0

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