Petrol prices to rise from November 1: Sources

ISLAMABAD: Petroleum product prices are likely to be increased starting November 1st, with a potential hike of up to Rs 2.34 per litre, ARY News reported, citing sources.

The Oil and Gas Regulatory Authority (OGRA) has prepared an initial working on the petroleum products for the next fortnight.

As per the sources, petrol prices may increase by Rs 1.48 and diesel prices by Rs 1.34 per litre.

Besides that, kerosene oil is likely to be increased by Rs 2.43 and light diesel by 49 paisa per litre.

The OGRA will send the working paper to the Petroleum Division on October 31. Later, the Petroleum Division, after consultation with the Finance Ministry, will forward the working to the Prime Minister (PM).

The PM will approve the increase in prices, while the Finance Ministry will announce the new prices of the petroleum products on the night of October 31.

Earlier, the federal government had announced a reduction in petrol prices and other petroleum products in the previous fortnight from October 16 to 31, with the new rates, according to a notification issued by the Finance Division.

As per the notification, the petrol price has been reduced by Rs5.66 per litre, bringing the new petrol price to Rs263.02 per litre.

The high-speed diesel (HSD) price has been slashed by Rs1.39 per litre, setting the new rate at Rs275.41 per litre. Similarly, the price of light diesel oil has been cut by Rs2.74 per litre, fixing its new rate at Rs162.76 per litre.

Meanwhile, kerosene oil has also become cheaper by Rs3.26 per litre, with the new price set at Rs181.71 per litre.

The government stated that the revised petrol prices will come into effect from 12 a.m. tonight, aiming to provide relief to consumers amid fluctuating global oil rates.

Pakistani consumers are paying massive taxes and duties on petroleum products, here’s the detailed breakdown of the taxes.

According to a document acquired by ARY News, for petrol, taxes and duties amount to Rs101.49 per litre, including a petroleum development levy (PDL) of Rs75.52 per litre, a newly introduced climate levy of Rs2.50 per litre effective July 1 (today), a freight margin of Rs6.98 per litre, an oil company margin of Rs7.87 per litre, and a dealer margin of Rs8.64 per litre.

The ex-refinery price of petrol stands at Rs165.30 per litre. For high-speed diesel (HSD), taxes and duties total Rs95.74 per litre, comprising a PDL of Rs74.51 per litre, a climate levy of Rs2.50 per litre, a freight margin of Rs2.09 per litre, an oil company margin of Rs8.00 per litre, and a dealer margin of Rs8.64 per litre. The ex-refinery price for diesel is Rs177.24 per litre.