ISLAMABAD: The prices of petroleum products in Pakistan are likely to decrease for the third consecutive time due to the influence of the global market.
As per media reports, for the next 15 days starting from September 1, 2024, petrol and diesel prices are expected to decrease by Rs5 to 6 per litre, primarily due to lower oil prices in the global market.
The prices of petrol and diesel in the global market have ranged from 2 to 2.30 dollars per barrel over the last 15 days. As a result, the price of petrol and diesel is likely to decrease by 5 rupees per litre after calculating the final exchange rate and current tax rates.
It should be noted that the average price of petrol in the global market fell to 80.40 dollars per barrel from 82.50 dollars per barrel. Similarly, diesel was recorded at 88 dollars per barrel compared to 90.30 dollars per barrel.
Current Petrol, Diesel Price in Pakistan:
| Product | Price (Rs/Litre) |
|---|---|
| Petrol | 260.96 |
| Diesel | 266.07 |
It may be noted that currently, the government is levying a tax of around Rs78 per litre on petrol and diesel. However, the General Sales Tax (GST) on all petroleum products is zero.
The government is levying a charge of Rs60 per litre on both products. The government is also charging around Rs18 per litre as customs duty on petrol and diesel, with around Rs17 per litre going to oil companies and their dealers as distribution and sales margin.
It should be noted that the federal government reduced petrol prices by Rs8.47 per litre starting from August 14. As per the official notification, the petrol price was reduced from Rs269.43 to Rs260.96 per litre.
The federal government also decreased the price of high-speed diesel (HSD) from Rs272.77 per litre to Rs266.07 after a cut of Rs6.70.
