The price of petrol is likely to increase from February 1

The price of petrol is likely to increase from February 1

Diesel price likely to jump by Rs25 per litre, sources say.  Price of petrol likely to rise around Rs20- 21 per litre.  Prices to rise further in coming fortnight review due on Feb 15.  KARACHI In line with the government's bid to move the International Monetary Fund (IMF), the Treasury is expected to raise the price petroleum price in the upcoming fortnightly review, The News reported on Saturday.   It should be noted that the massive depreciation of the rupee against the US bone

in the last two days, it would not reflect much in the review due on January 31 (Tuesday) as the average exchange rate would hover at Rs 240, information gathered from the country's oil painting sector showed. however, it was noted that the fortnightly review to be conducted on February 15 will reflect a significant increase in domestic oil prices due to the depreciation of the rupee. "Sharp assessment of bone."

against the rupee in the last two sessions would be reflected in the adjustment of oil prices on February 15, when the bone

the rate calculation would start from Rs 260,” said well-informed people in oil painting. In the  forthcoming fortnightly review coming week, a sharp increase in the price of diesel and petrol would be caused by free on board( FOB) prices.   Sources privy to the matter said that the price of diesel would  probably jump by Rs25 if calculated on FOB.  

" The exchange rate would  produce some hike, but not so  important", they said, attributing the hike to FOB as diesel price in the  transnational  request went up to 117$ per barrel compared to 114 per barrel.   still, which seems likely to meet the IMF condition, the price could jump further and the general deals  duty( GST) addition indeed on 10 would be pushing the price much advanced, If the government increased the petroleum  tax( PL) to Rs50 per liter on diesel.   

Meanwhile, the petrol price hike on a FOB base would  probably be around Rs20- 21. The government has been charging Rs50 per liter PL on petrol and  slighting indeed 10 GST would be  going  the consumers dearly in the coming fortnightly review of prices.   The price of petrol in the  transnational  request jumped to$ 97 per barrel compared to$ 93 per barrel at the time of the  former fortnight's review.   oil painting assiduity players believe that the government would  probably increase the PL on diesel to meet the IMF conditions,  else it would not have allowed free-  pier of the exchange rate.   

The government’s decision to remove the cap on exchange rate  equality redounded in a massive appreciation of the bone

against the original unit in two  successive sessions on Thursday and Friday.   The rupee on Friday tumbled to a new low against the US bone

closing at Rs262.60, down2.73 day- on- day. This also raised  admonitions about a new  surge of affectation in the country.   still, the sources in  oil painting assiduity admitted that although the government was  reluctant on  adding  GST on petroleum prices, which would bring it heavily in political terms, petroleum prices were set to increase in the  forthcoming fortnight review.   They added that the price hikes might come indeed more drastic in the coming fortnightly review due on February 15.