Another huge hike likely in oil prices from March 1st

ISLAMABAD: Prices of petroleum products are expected to go further up by Rs8-9 per litre from March 1^st for the next fortnight.

As per details, the price of petrol may move up by Rs9.60 per litre while that of high-speed diesel (HSD) by Rs8.50 per litre. The rates of light-speed diesel (LDL) and kerosene oil are expected to be hiked by Rs4 per litre.

Fuel prices will witness upward revision due to higher international oil prices, application of petroleum levy and currency devaluation. Global oil prices have gone up significantly in the wake of the Russian invasion of Ukraine.

Earlier on February, 15, the government had increased the price of petrol by Rs12.03 per litre due to an increase in the prices of crude oil in the international market.

The finance division had stated that the government had also levied 0% sales tax and reduced the levy to provide “relief” to the consumers against budgeted. The finance division said that the “relief” had led the government to bear a revenue loss of around Rs 35 billion fortnightly.