Oil-based commodity costs in Pakistan are expected to drop by Rs2 to Rs3 per liter starting November 1, 2024, due to declining global market rates. Sources indicate that the average global petrol price has decreased from $77.5 to $76 per barrel, while high-speed diesel has fallen from $86.5 to $84 per barrel over the past 15 days.
This anticipated decrease follows a recent price increase on October 15, when the government raised the high-speed diesel price by Rs5 per liter while keeping petrol rates unchanged. Previously, on September 30, petrol prices were reduced by Rs2 per liter, and high-speed diesel prices were cut by Rs3.40 per liter. The expected change in petrol price in Pakistan reflects ongoing adjustments based on global market trends.
The current pricing structure includes significant taxes on petroleum products, featuring a petroleum development levy of Rs60 and a customs duty of Rs16 per liter, totaling Rs76 in taxes for both petrol and diesel. Additionally, oil companies and dealers apply distribution and sales margins, which amount to approximately Rs17 per liter.
