Petrol, diesel prices likely to go down from November 1

Petrol and diesel prices are expected to experience a significant reduction in November, as Pakistani consumers may get relief from the persistent burden of high fuel prices.

According to reports, the international prices of petrol and high-speed diesel (HSD) have been reduced by approx. $1.5 and $2.5 per barrel, while looking at this reduction, it’s expected that petrol prices may reduce by Rs3 per litre, while HSD prices could cut by about Rs2.30 per litre during the 15 days beginning November 1.

Earlier, the government of Pakistan increased the price of diesel by Rs5 per litre due to fluctuations in the international market.

The current price of HSD is Rs251.29/litre compared to the previous Rs246.29/litre. Meanwhile, the price of petrol was kept unchanged at Rs247.03 per litre.

Currently, the government collects around Rs76 per litre in taxes on petrol and HSD, including a Petroleum Development Levy of Rs60 per litre and customs duties of Rs16 per litre. Moreover, oil companies and dealers received approximately Rs17 per litre to cover distribution and sales costs.

Notably, the price reduction in November could offer a major relief to consumers.