Petrol and Diesel Prices Expected to Drop by Up to 3 Rupees per Liter from November 1 Due to Global Market Trends
Starting November 1, petrol and diesel prices in Pakistan may see a slight reduction of 2 to 3 rupees per liter due to a decrease in global oil prices. Recent figures indicate that the international price per barrel has dropped, with petrol averaging $76 (down from $77.5) and high-speed diesel at $84 (down from $86.5). These shifts could lead to an estimated 3 rupees reduction in petrol prices and 2 rupees 30 paise for diesel.
Price Adjustments Over Recent Periods
- October 15: Diesel prices were raised by 5 rupees per liter, while petrol remained unchanged.
- September 30: Reduced petrol by 2 rupees and diesel by 3 rupees 40 paise.
- September 15: Significant cuts, with petrol dropping 10 rupees and diesel by 13 rupees 6 paise.
Current Tax and Levy Structure
Currently, the government collects about 76 rupees per liter in taxes on both petrol and diesel. This includes:
- Petroleum Development Levy: 60 rupees per liter
- Customs Duty: 16 rupees per liter
- Distribution and Sales Margins: Around 17 rupees per liter
If these price reductions are implemented, consumers could see modest relief in fuel expenses amidst fluctuating global oil markets and domestic adjustments.