Petrol prices likely to drop across Pakistan

ISLAMABAD: A proposal has been sent to Prime Minister Shehbaz Sharif to reduce petrol prices in Pakistan, ARY News reported.

According to sources, a suggestion has been made to cut petrol prices by Rs 8.27 per litre, which would bring the new petrol price down to Rs 246.36 per litre.

In addition to petrol prices, a reduction of Rs 6.96 per litre has been proposed for high-speed diesel, setting the new rate at Rs 251.68 per litre.

Light diesel and kerosene oil are also expected to see a decrease of Rs 7.21 per litre.

The final decision on revising petrol prices will be taken by Prime Minister Shehbaz Sharif. If approved, this will mark a notable relief for the public amid ongoing inflation.

Read More: Consumers paying Rs 107.12 per litre taxes, duties on petrol

Earlier, it was reported that around Rs 107.12 was being charged on one litre of petrol in taxes, duties and margins, according to concerned documents.

Overall Rs 104.59 being charged over one litre of high-speed diesel, for taxes, duties and margins, according to papers.

There is Rs 70 per litre levy over petroleum and high-speed diesel. It is the highest level of petroleum levy imposed over citizens in the national history.

Moreover, there is Rs 15.28 customs duty on on a litre of petrol and Rs 15.78 customs duty on high-speed diesel.

While Rs 8.64 being recovered as dealer’s commission on a litre of petrol and high-speed diesel. Moreover, the oil marketing companies’ margin has been Rs 7.87 per litre on petrol and high-speed diesel.

According to papers, Rs 5.33 being recovered for Inland Freet Equalization Margin on per litre petrol, while Rs 2.30 per litre IFEM being received at high-speed diesel.

Petrol’s ex-refinery per litre price without duties has been Rs 148.51, while the citizens being provided petrol at Rs. 255.63 per litre.

High-speed diesel’s ex-refinery per litre price has been Rs 154.06, while the citizens being provided diesel at Rs. 258.64 per litre.