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Home » National » Petrol Price in Pakistan May Be Reduced From October 16

Petrol Price in Pakistan May Be Reduced From October 16

by Ali Gulrez
1 year ago
in Islamabad, National
0

The Petrol Price in Pakistan may see a reduction of Rs. 11 per litre, while the Price of High-Speed Diesel (HSD), Kerosene, and Light Diesel Oil (LDO) are expected to go up by Rs. 5 to Rs. 12 per litre from October 16 for the next fortnight, despite massive gains made by the Pakistani Rupee against the US Dollar (USD to PKR).

Petrol Price in Pakistan, Petrol Price, Petrol Prices in Pakistan, Petrol Prices
Petrol Price in Pakistan May Be Reduced From October 16

According to Dawn, if the Federal Government maintains the current tax rates, the ex-depot Price of Petrol may be cut by Rs. 10.75 to Rs. 214 per litre, while the Price of High-Speed Diesel (HSD) is expected to increase by Rs. 11.50 to Rs. 247 per litre. Likewise, the Prices of Kerosene and Light Diesel Oil (LDO) are estimated to rise by Rs. 4.50 and Rs. 7.50 to Rs. 196 and Rs. 194, respectively.

The report adds that benchmark international crude oil prices had dropped the last couple of weeks but refining capacity constraints had increased the refining margins and premiums on High-Speed Diesel (HSD) during the same period, which has resulted in higher cost impact on HSD import to Pakistan.

Meanwhile, the prices of crude oil in the international market have started increasing this week after production curs announced by major oil exporting countries but these would impact Petrol Prices in Pakistan during the next fortnight, starting November 1.

Furthermore, an official told Dawn that depending on the Finance Minister Ishaq Dar’s comfort level in Washington, the Government would maintain the prices of both petrol and HSD through proportionate adjustments in the petroleum development levy (PDL) on these two products.

In this scenario, the Petroleum Development Levy (PDL) on petrol would reach the maximum level as agreed upon with the International Monetary Fund (IMF), while the gap on HSD would increase drastically.

It is pertinent to mention that General Sales Tax (GST) is currently zero on on all petroleum products, including Petrol, HSD, Kerosene and LDO against normal GST of 17 percent. However, the Government is charging Petroleum Levy (PL) of Rs. 32.42 per litre on Petrol, Rs. 12.58 per litre on HSD, Rs. 15 on Kerosene and Rs. 10 on LDO.

Under the IMF programme, the Government had agreed on a monthly PDL increase of Rs. 5 per month for both fuels, including Petrol and High-Speed Diesel (HSD) until it reaches Rs. 50 in January for Petrol and April for Diesel to collect Rs. 855 billion during the current fiscal year.

Petrol Prices in Pakistan W.E.F 1 October 2022

PRODUCTPRICE (PKR)
Petrol224.80
High Speed Diesel (HSD)235.30
Kerosene Oil191.83
Light Diesel Oil (LDO)186.50

Read more: PM Sasta Petrol, Sasta Diesel Relief Package – How to Apply.

Follow INCPAK on Facebook / Twitter / Instagram  for update.

Tags: Petrol pricePetrol Price in Pakistanpetrol pricespetrol prices in pakistan
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Ali Gulrez

Ali Gulrez

I am a passionate and experienced news content writer with a keen eye for detail and a knack for writing engaging and informative articles. I have a proven track record of producing high-quality content that meets the needs of my audience.I am skilled in researching, writing, and editing a variety of news stories, including breaking news, feature stories, and opinion pieces. I am also a well-versed in SEO and keyword optimization, and I am always up-to-date on the latest trends in digital journalism.

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