ISLAMABAD: Petrol and diesel prices are likely to decrease by Rs 2 to Rs 3 per liter for the next fortnight from November 1, 2024, mainly due to a slight drop in prices in the global market.
As per media reports, the average prices of petrol and high-speed diesel in the global market have dropped by about $1.5 and $2.5 per barrel in the last 15 days. With the current tax and exchange rates affecting petrol and diesel prices, a reduction of Rs 3 and Rs 2 could lead to a 30-paise decrease per liter.
Officials said that the average price of petrol per barrel in the global market has come down to $76, down from $77.5, while high-speed diesel prices have decreased to $84 per barrel from $86.5.
During the current 15 days, the import premium on both petrol and diesel has remained stable at $8.7 and $5 per barrel, respectively.
At present, the ex-depot price of petrol is Rs 247.3 per liter, and the ex-depot price of diesel is Rs 251.29 per liter.
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On October 15, the federal government (for October 16 to 31) increased the price of high-speed diesel by Rs 5 per liter while deciding to maintain the price of petrol per liter.
Earlier, on September 30, the government announced a reduction in the prices of petroleum products, making petrol Rs 2 cheaper and diesel Rs 3.40 cheaper.
On September 15, the government announced a reduction in the price of petrol by Rs 10 and diesel by Rs 13.6.
The government currently levies a tax of around Rs 76 per liter on both petrol and diesel, including a petroleum development levy of Rs 60 per liter and customs duty of Rs 16 per liter on both products, in addition to approximately Rs 17 per liter for distribution and sales margins going to the oil companies and their dealers.
