The government of Pakistan is anticipated to announce new prices for petrol and diesel for November 2024, with sources suggesting a minor decrease in today’s fortnightly review.
As international oil prices decline, petrol and high-speed diesel (HSD) prices are projected to drop by Rs2 to Rs3 per litre. Over the past two weeks, the average global price of petrol has decreased by approximately $1.5 per barrel, while diesel prices have fallen by about $2.5 per barrel.
Currently, the ex-depot price for petrol stands at Rs243.03 per litre, while diesel is priced at Rs251.29 per litre. Import premiums for both fuels have remained stable over the past fortnight, with petrol at $8.7 per barrel and HSD at $5. Additionally, the exchange rate has shown minimal fluctuations.
In the previous review, the petrol price remained unchanged at Rs247.03 per litre, ending a three-month trend of price reductions. As of late 2024, the government imposes approximately Rs76 per litre in taxes on both petrol and HSD, which includes a Rs60 petroleum development levy, Rs16 customs duty, and Rs17 for distribution and sales margins.
Citizens are eagerly awaiting the upcoming price adjustments, as the Finance Division is expected to release updates before midnight.
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