Average of Platts with incidentals, duty hiked petrol price

ISLAMABAD: A new build-up in prices of petroleum products has unfolded with an increase of Rs1.45/litre brought on by the factor average of Platts with incidentals and duty on motor spirit, The News learnt on Wednesday.

This happened despite a Re0.008 drop in petroleum levy and Re0.27 decline in IFEM (inland freight equalisation margin) on motor spirit, with PSO exchange adjustment down Rs1.13/litre.

According to the build-up of POL prices effective from September 21 instead of September 16, 2022, the average Platts with incidentals and duty for MS (motor spirit) increased by Rs2.94 to Rs177.55 from Rs174.61 on September 1, 2022.

Details show that the ex-refinery price of Mogas surged by Rs1.80/litre to Rs184.84 on September 1 from Rs183.04/liter.

Petroleum levy on petrol has tumbled by Re0.08/litre to Rs37.42 from Rs37.50/litre. And IFEM went down by Re0.27/litre to stand at Rs4.49 down from Rs4.76.

However, dealers’ margin stands at Rs7/litre, and the margins of oil marketing companies (OMCs) stands at Rs3.68/litre. This is how the ex-depot price went up by Rs1.45 to stand at Rs237/litre on September 21 from Rs235.98/litre on September 1, 2022.

As far as the price of diesel is concerned, the average Platts with incidentals and duty decreased by Rs2.19 to stand at Rs220.80 on September 21 from Rs223/litre on September 1, 2022. However, in the case of diesel PSO exchange adjustment rose by Rs2.05/litre to stand at Rs7.92 on September 21 from Rs5.87 on September 1, 2022. This is how the ex-refinery price of diesel worked out at Rs228.72 with a decrease of Re0.15/litre.

IFEM has climbed down by Re0.04/litre to Re0.17 on September 21 from Re0.21 on September 1, 2022. Dealers’ margin on diesel stands at Rs7/litre with margins of OMCs at Rs3.96/litre. SO the ex-depot price remained unchanged at Rs247.43/litre.

However, the petroleum levy on diesel slightly jacked up by Re0.08/litre, rising to Rs7.58 on September 21 from Rs7.50 on September 1, 2022.

On August 1 and August 16, petroleum levy on diesel stood at Rs10/litre. The government is currently getting the petroleum levy of Rs30/litre on high octane blending component, Rs10 on kerosene, Rs10 on light diesel oil (LDO), and Rs16.02/litre on E-10 gasoline.