Petrol, diesel prices likely to drop by up to Rs3 per litre

Published
0

ISLAMABAD: The prices of major petroleum products — petrol and high speed diesel (HSD) — are estimated to go down by Rs2 to Rs3 per litre with effect from Nov 1 for a fortnight, after a minor reduction in global prices.

Informed sources said the average prices of petrol and HSD decreased in the international market by about $1.5 and $2.5 per barrel, respectively, in the last fortnight. Depending on final exchange rate calculation and existing tax rates, the prices of petrol and HSD are projected to come down by Rs3 and Rs2.30 per litre, respectively.

New prices to take effect from Nov 1 after govt notification

Officials said the average price of petrol had dropped in the international market to about $76 per barrel from about $77.5 per barrel. The HSD also declined to about $84 per barrel from $86.5 in the last fortnight.

During the current fortnight, the import premium on petrol on both petrol and HSD remained generally stable at $8.7 and $5 per barrel, respectively. The exchange rate also stood its ground.

The ex-depot petrol price currently stands at Rs243.03 per litre and that of HSD at Rs251.29 per litre.

Earlier on Oct 15, the government had increased the price of diesel by Rs5 per litre, while the rate of petrol had been kept unchanged at Rs247.03 till the end of this month. This was the first hike in the prices of petroleum products in three months, which have been const­antly going down due to the falling prices in the international market.

Petrol is mostly used in private transport, small vehicles, rickshaws and two-wheelers and has a direct bearing on the budget of middle- and lower-middle class.

Most of the transport sector runs on HSD. Its price is considered inflationary as it is mostly used in heavy transport vehicles, trains and agricultural engines like trucks, buses, tractors, tube wells and threshers and particularly adds to the prices of vegetables and other eatables.

At present, the government is charging about Rs76 per litre tax on both petrol and HSD. The government is charging Rs60 per litre PDL and Rs16 per litre custom duty on both products. In addition, about Rs17 per litre distribution and sale margins are going to oil companies and their dealers.

Published in Dawn, October 28th, 2024

Follow Dawn Business on X, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Muddled hierarchy
Updated 15 Nov, 2026

Muddled hierarchy

The jurisdiction of the two courts and a mechanism for settling disputes between them should be spelt out in law, not left to judges to fight over.
Growing crisis
15 Nov, 2026

Growing crisis

AN emergency can be judged by the speed with which it draws an effective response. The National Population Council’s...
Organised rackets
15 Nov, 2026

Organised rackets

ON the International Day against Transnational Organised Crime, observed today, Pakistan finds itself in a tight...
Referendum talk
Updated 14 Nov, 2026

Referendum talk

Unless the PPP is deliberately using Sindh as a bargaining chip, it should issue a clarification with a clear, consistent position on new administrative units, not one tailored to protect its home turf.
Mineral wealth
Updated 14 Nov, 2026

Mineral wealth

Minerals should not be presented as a solution to Pakistan’s long-term economic difficulties. The aim should be to build an industrial base rather than export raw materials.
Late diagnosis
14 Nov, 2026

Late diagnosis

AS we mark World Diabetes Day today, Pakistan faces a troubling question: how many people are living with diabetes...