Islamabad :Federal government has announced an increase in the prices of petrol and diesel for the next 15 days, while reducing the prices of kerosene oil and light diesel oil.
According to a notification issued by the Ministry of Finance, the price of petrol has been raised by Rs 1.35 per liter. Additionally, the price of high-speed diesel has increased by Rs 3.85 per liter.
Following this increase, the new price of petrol will be Rs 248.38 per liter, while the new price of high-speed diesel will be Rs 255.14 per liter.
“The price of kerosene oil has been reduced by Rs 1.48 per liter, and the price of light diesel oil has been decreased by Rs 2.61 per liter,” the notification states. These new prices will take effect from November 1.
It is important to note that on October 15, the federal government had increased the price of high-speed diesel by Rs 5 per liter, but decided to keep the petrol price unchanged.
Earlier, on September 30, the government had announced a reduction in petroleum product prices, lowering petrol by Rs 2 and diesel by Rs 3.40.
On September 15, the government had also announced a decrease in petrol prices by Rs 10 and diesel prices by Rs 13.06.
Currently, the government is collecting approximately Rs 76 per liter in taxes on both petrol and diesel, which includes a petroleum development levy of Rs 60 per liter and customs duty of Rs 16 per liter.
Additionally, around Rs 17 per liter goes as distribution and sales margin to oil companies and their dealers.
Last week, reports suggested that there might be a reduction in petrol and diesel prices by Rs 2 to Rs 3 per liter starting November 1 due to a slight drop in global market rates.
Media reports indicated that over the past 15 days, average prices for petrol and high-speed diesel in the international market have decreased by approximately $1.5 and $2.5 per barrel, respectively.
Sources noted that the average price of petrol in the global market has dropped from $77.5 to $76 per barrel, while high-speed diesel rates have fallen from $86.5 to $84 per barrel during this period.
