Petrol prices in Pakistan are anticipated to decline further from November 1, driven by a decrease in global oil prices.
In the past two weeks, the cost of oil in the global market has dropped by $1.5 to $2.5 per barrel. In light of the current exchange rates and tax structures, the government is likely to offer some relief to consumers, proposing reductions of Rs3 for petrol and Rs2.30 for high-speed diesel (HSD) per liter.
Specifically, petrol prices in the global market have fallen from $77.5 per barrel to $76, while HSD has decreased from $86.5 to $84 per barrel.
On October 15, the price of diesel was increased by Rs5, while petrol prices remained stable at Rs247.03 for the remainder of the month. The prices for light diesel and kerosene oil have also remained unchanged.
Additionally, the federal government is reportedly considering an increase in profit margins for oil companies by Rs1.35, raising it to Rs9.22 per liter. For petrol dealers, the proposed increase stands at Rs1.40, bringing their profit margin to Rs10.04 per liter.
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