Petroleum Prices Set for Decrease from November 1
Pakistan’s petrol and diesel prices set to drop by up to Rs 3 per litre from November 1, following recent global oil price decreases.
Starting November 1, petrol and high-speed diesel (HSD) prices in Pakistan are expected to fall by Rs 2 to Rs 3 per litre, following a recent drop in global oil prices. Over the past two weeks, international petrol prices fell by $1.5 per barrel, while HSD saw a reduction of $2.5 per barrel. This change brings the average petrol price down to $76 per barrel from $77.5, with HSD dropping from $86.5 to around $84 per barrel.
Factoring in the latest exchange rate and prevailing tax rates, petrol prices are anticipated to decrease by Rs 3 per litre, and HSD by Rs 2.30 per litre. Import premiums have held steady, with petrol at $8.7 per barrel and HSD at $5 per barrel, and currency exchange fluctuations have been minimal. Currently, the ex-depot rates for petrol and HSD are Rs 243.03 and Rs 251.29 per litre, respectively.
The latest adjustment comes after an increase on October 15, when diesel prices rose by Rs 5 per litre, and petrol prices remained stable at Rs 247.03 per litre. This price hike followed three months of steady reductions amid softened global rates.
The government’s taxes on petrol and HSD stand at approximately Rs 76 per litre, including a Rs 60 petroleum development levy and Rs 16 in customs duty. Additionally, oil companies and dealers have a distribution and sales margin of about Rs 17 per litre.
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