On High-Speed Diesel (HSD) gasoline, the federal government increased the dealers" margin by Rs. 2.87 per litre. The margin on HSD has increased due to the increase from Rs. 4.13 per litre to R. 7 per litre.
Now the new margin is in force. Despite a 0.51 rupee per litre government price cut on HSD fuel, the overall cost has climbed as a result of a larger increase in dealer profit.
According to a media source, the government has already hiked the margin charged to dealers on gasoline by Rs. 2.10 per litre. The national government raised the price of gasoline by 6.72 rupees per litre a day earlier.
Despite a drop in the price of oil on the global market, the government reported a rise in fuel prices last night.
High-speed diesel (HSD) has seen a price decrease of Rs. 0.51 but the cost of gasoline has climbed by Rs. 6.72 per litre. The current cost of gasoline is Rs. 233.91, and the current cost of diesel is Rs. 244.44.
Miftah Ismail, the finance minister, offered an explanation for the price increase in a Tweet earlier today, noting that:
The freight and premium paid by PSO are added to the average Platt price, which is then multiplied by the exchange rate. Additionally, it "trues up" the cost of the previous fortnight by accounting for the rupees paid by PSO at the real currency rate rather than the average that was used to calculate the cost. We haven"t increased the pricing with any new taxes or levies. Because PSO paid more for gasoline than OGRA projected it would, and because PSO increased its premium on gasoline while maintaining its premium on diesel, the price of gasoline has climbed (while the price of diesel has decreased).
Once more, there were no new taxes or levies added.
Despite the justification, the action is still being criticised by the public as Pakistan"s inflation continues to cause havoc.