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Fuel prices are expected to come down from November 2024

Expected petrol prices in Pakistan

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Fuel prices are expected to come down from November 2024

Fuel prices are expected to come down from November 2024

From November 1, 2024, prices of fuel, petrol and high-speed diesel (HSD) are expected to decrease by Rs 2-3 per liter. The decision will be made on October 31.

Based on the latest exchange rates and current tax rates in Pakistan, petrol and HSD prices are expected to decrease by Rs 3 and Rs 2.30 per liter respectively.

Current fuel prices

The average global price of petrol fell by around $1.5 per barrel, while HSD saw a drop of $2.5 per barrel over the past two weeks.

The price of petrol in the international market has decreased from 77.5 dollars to about 76 dollars per barrel. While HSD prices fell to $84 per barrel from $86.5.

Currently, the government levies a tax of around Rs 76 per liter on both petrol and HSD, which includes a petroleum development levy of Rs 60 and customs duty of Rs 16. Distribution and sales margins also increase by around Rs 17 per liter for oil companies and dealers.

The last adjustment on October 15 saw an increase in diesel prices by Rs 5 per liter while petrol prices remained unchanged at Rs 247.03 per liter. The increase ended a three-month period of sustained decline with softening international prices.

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