KARACHI: According to recent updates, the price of high-speed diesel is expected to rise by Rs3.62 per liter from January 1, 2025, which will push the price up to Rs259 per liter.
Petrol, on the other hand, is likely to go up by only 11 paisa per liter, which will take the new price to Rs252.11 per liter. It is noteworthy that petrol is largely consumed in passenger cars, whereas the bulk of diesel consumption is in heavy transport and agriculture.
Kerosene oil ex-depot price is unlikely to increase but would be kept at Rs161.66 per litre, while light diesel oil may increase by Rs3.03, thus reaching at Rs151.97 a litre.
Currently, the oil premium is seen at $8.69, and with that in the mind, the new calculations for new prices are supposed to reflect the present Petroleum Levy Rate, General Sales Tax rate, and even the Currency Exchange Rate at present.
The Inland Freight Equalisation Margin stands at Rs7.92 per litre for petrol, and for high-speed diesel, Rs4.18 per liter. This margin may help bridge the price gap for petrol and light diesel oil in different parts of the country. Ogra will submit its calculations to the federal government on Tuesday night, which is the last day of December, for a final decision.
The changes in fuel prices during the new year are bound to affect many sectors of the economy, such as transportation and agriculture. This calls for a delicate balance from the government to control the fuel prices while stabilizing the economy.
The price hike of high-speed diesel will probably impact the heavy transport and agricultural sectors, which are significant contributors to the country’s economy. However, the slight increase in petrol prices may bring some respite to the owners of passenger vehicles.
