The caretaker government has announced the prices of petroleum products for the next two weeks. Petrol prices have been increased by Rs14.91 per litre, bringing it to a historic high of Rs305.36 per litre. High-speed diesel prices have also been increased by Rs18.44 per litre, reaching Rs311.84 per litre. The cumulative increase in petrol prices since August 1 is 21%. The government cited the increasing trend of petroleum prices in the international market and exchange rate variations as reasons for the price revision. The new prices took effect from September 1, 2023.
The breakdown of petrol prices shows that the ex-refinery price increased by Rs10.27 per litre. The Petroleum Development Levy (PDL) was increased by Rs5, reaching the maximum allowed level of Rs60. This increase in PDL was part of the conditions agreed with the International Monetary Fund (IMF) under a $3-billion stand-by arrangement. The Inland Freight Equalization Margin (IFEM) decreased slightly by Rs0.36 to Rs3.77. Distribution and dealer margins remained unchanged at Rs6 and Rs7, respectively.
For high-speed diesel (HSD), the ex-refinery price increased significantly by Rs16.38 per litre. The PDL remained unchanged at Rs50. The IFEM increased by Rs2.07 to negative Re0.96. Distribution and dealer margins for HSD remained unchanged at Rs6.24 and Rs7, respectively.
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