Petroleum prices in Pakistan are projected to see a decrease of Rs2 to Rs3 per liter starting November 1, 2024, due to falling global market prices.
- The average global price of petrol has decreased from $77.5 to $76 per barrel.
- The price of high-speed diesel has also dropped from $86.5 to $84 per barrel over the past two weeks.
This anticipated reduction follows a recent increase in high-speed diesel prices by Rs5 per liter on October 15, while petrol prices remained unchanged. Prior to that, on September 30, the government had reduced petrol prices by Rs2 per liter and high-speed diesel by Rs3.40.
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Currently, the government imposes a substantial tax burden on petroleum products:
- Petroleum Development Levy: Rs60 per liter
- Customs Duty: Rs16 per liter
- Total Taxes: Rs76 per liter for both petrol and diesel.
Additionally, oil companies and dealers collect approximately Rs17 per liter in distribution and sales margins.
This decrease in petroleum prices could provide some relief to consumers amid ongoing economic challenges in the country.
