Pakistanis to get Petrol Rs18,Diesel Rs5 cheaper from Nov 1

The High-Speed Diesel (HSD) is likely to decrease by Rs5-6 per litre, falling to less than Rs300 per litre while petrol is going to be Rs18 per litre cheaper from November 1st.The petroleum prices in Pakistan are expected to decrease once again as Pakistani Rupee gained value against US dollar.

The HSD price could decrease by about Rs5-6 per litre if the government decides to maintain the petroleum levy (PL) currently at Rs55 per litre.

However,the Ministry of Finance may tend to increasing the PL by Rs5 per litre on HSD to the maximum permissible limit of Rs60 per litre from Rs55 at present.

The petroleum levy (PL) on petrol is already at Rs60 per litre peak. The government has to charge about Rs869bn in petroleum levy on petroleum products during the current fiscal year under the budget target and commitments made with the International Monetary Fund (IMF).

The price reduction in the gasoline is mainly due to the rupee’s gain of about Rs3 against the dollar over the last fortnight, while the average price of diesel has dropped by about $1.3 per barrel and that of petrol has increased by about $3.5 per barrel.