From November 1, petrol and high-speed diesel (HSD) prices are likely to decline by Rs 2 to Rs 3 per litre, attributed to the recent decrease in global oil prices.
Over the last two weeks, global petrol prices decreased by about $1.5 per barrel, while HSD saw a reduction of $2.5 per barrel. This decline brought the average price of petrol down to $76 per barrel from $77.5, and HSD prices fell from $86.5 to around $84 per barrel.
Considering the latest exchange rate and current tax rates in Pakistan, the prices of petrol and HSD are anticipated to drop by Rs 3 and Rs 2.30 per litre, respectively.
Import premiums have remained steady over the past two weeks at $8.7 per barrel for petrol and $5 for HSD, and the exchange rate has shown minimal fluctuation. As of now, the ex-depot prices for petrol and HSD stand at Rs 243.03 and Rs 251.29 per litre, respectively.
On October 15, there was an increase in diesel prices by Rs 5 per litre, while petrol prices were kept unchanged at Rs 247.03 per litre. This hike followed three months of continuous reductions due to softened international prices.
Currently, the government imposes around Rs 76 per litre in taxes on both petrol and HSD, including a petroleum development levy of Rs 60 and Rs 16 in customs duty. Additionally, distribution and sale margins add approximately Rs 17 per litre for oil companies and dealers.
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