ISLAMABAD: The government of Pakistan has increased the prices of petrol and diesel to the highest ever due to the increase in global oil prices during the ongoing war in the Middle East.
Yesterday, Petroleum Minister Ali Pervez Malik and Finance Minister Muhammad Aurangzeb held a joint press conference and announced that the price of petrol has been increased by Rs 137.24 per liter, after which the new price of petrol has been increased to Rs 458.41 per liter.
Thus, the price of diesel has been increased by Rs 184.49 per liter, bringing the new price of diesel to Rs 520.35.
Since the start of the war in the Middle East, the overall price of diesel in the country has increased by Rs 239.55 per liter, while the price of petrol has increased by Rs 192.24 per liter.
On the other hand, if we look at the global level, the price of WTI crude oil per barrel has increased by a total of 49 percent in the last one month, after which the price of WTI per barrel is currently around $111 per barrel.
Similarly, the price of Brent crude per barrel has increased by a total of 34 percent in the last one month and currently its price per barrel is around $110 per barrel.
This sharp increase in the prices of petrol and diesel in the country has disturbed the sleep of the people and they fear that this increase will lead to an increase in overall inflation.
But is petrol so expensive only in Pakistan in the region or is the situation similar in other countries as well? Let’s find out.
In neighboring India, unlike Pakistan, the price of petrol and diesel varies in every city and state. The average price of petrol in India today is around 101 Indian rupees per liter.
In India, this price of petrol is about 303 rupees in Pakistani rupees and about 1.1 dollars per liter in US dollars.
If we look at Bangladesh, the prices of petroleum products have been maintained there this month and the price of petrol per liter is 116 taka. This price is about 263 rupees in Pakistani rupees and 0.95 dollars per liter in US dollars.
Similarly, in Sri Lanka, the current price of petrol is 398 Sri Lankan rupees per liter, which is about 352 in Pakistani rupees and 1.26 dollars per liter in US dollars.
The new price of petrol in Pakistan is 1.65 dollars per liter in US dollars, thus the Pakistani people are forced to buy the most expensive petrol in the region.
It should be noted that according to the Ministry of Energy documents, 46 percent of the price of a liter of petrol in Pakistan includes taxes and profits. Citizens pay Rs 211.26 only in taxes on a liter of petrol, while the ex-refinery price of petrol is Rs 247.15.
According to the Ministry of Energy documents, the price of a liter of petrol also includes Rs 24.12 customs duty and Rs 7.52 inland freight margin. The marketing company’s profit of Rs 7.87 on a liter of petrol oil is also included.
According to the documents, the price of a liter of petrol also includes Rs 8.64 commission from pump dealers.
A levy of Rs 160.61 is imposed on the price of a liter of petrol, while a climate support levy of Rs 2.50 is also included in the price of a liter of petrol.
