Petrol and diesel prices could be reduced by 2 to 3 rupees per liter for the next fifteen days starting from November 1, primarily due to a slight decline in international market rates.
According to informed sources, in the last 15 days, the global market’s average prices of petrol and high-speed diesel have decreased by approximately $1.5 and $2.5 per barrel, respectively. Based on current tax rates and exchange rates, petrol and diesel prices may decrease by 3 rupees and 2 rupees 30 paise per liter, respectively.
Officials state that the average per-barrel price of petrol in the international market has fallen from $77.5 to $76, while high-speed diesel rates have dropped from $86.5 to $84 per barrel.
During the current 15-day period, the import premium on both petrol and diesel has remained stable at $8.7 and $5 per barrel, respectively.
Currently, the ex-depot price of petrol is 247 rupees 3 paise per liter, and diesel’s ex-depot rate is 251 rupees 29 paise per liter.
It should be noted that on October 15, the federal government decided to increase the price of high-speed diesel by 5 rupees per liter for the period from October 16 to October 31 while keeping the price of petrol unchanged. Before this, on September 30, the government announced a reduction in petroleum product prices, reducing petrol by 2 rupees and diesel by 3 rupees 40 paise. On September 15, the government announced a reduction of 10 rupees in the price of petrol and 13 rupees 6 paise in the price of diesel.
Currently, the government is collecting approximately 76 rupees per liter in taxes on both petrol and diesel, including a petroleum development levy of 60 rupees per liter and a customs duty of 16 rupees per liter. Additionally, around 17 rupees per liter are being allocated for distribution and sales margins to oil companies and their dealers.
