The government has decided to keep the petrol prices unchanged for the remaining month of October. The finance ministry now reviews the prices after every 15 days, instead of a month.
In a statement, the ministry said the price of High-Speed Diesel (HSD) will remain Rs. 104.06, Petrol Rs. 103.97, Kerosene Rs. 65.29 and Light Diesel Oil will be Rs. 62.86 in the month of October.
Last Week’s Change in Petrol Prices:
Last week, the Government of Pakistan decided to maintain the petrol price till 15th of October. However, the price of high-speed diesel was decreased by Rs. 2.40 per liter.
Earlier, the media reports had stated that Oil and Gas Regulatory Authority (OGRA) had sent a summary to Ministry of Energy (Petroleum Division) to decrease the petrol price by Rs. 3-4. OGRA had stated in his summary that petroleum prices in international market have decreased. That is why they have sent the summary to decrease petroleum prices in Pakistan.
It is pertinent to mention that the government of Pakistan did not increase the petrol prices in September 2020. Prime Minister Imran Khan had rejected the summary by OGRA. The last time petroleum prices were increased, was in August 2020.
The government determines local petrol prices based on past prices of international oil. It calculates the prices by keeping view the rates at which crude oil was imported by the country. The means the petrol you use today was imported in its raw form around 45 days earlier.
Petrol Price and Levy:
Earlier, when petrol was at Rs74.5 per liter, the government was criticized for imposing record-high Petroleum Levy (PL) on petroleum goods. According to statistics, federal government increased the PL on petrol by 20.3%, taking it from Rs19.73 to Rs23.76 per liter. Meanwhile, high-speed diesel was hiked from Rs25.05 to Rs30 per liter. Moreover, the PL on Kerosene oil and light-speed diesel stands at Rs18.02 and Rs11.18 per liter, respectively.
To check the latest Petrol, CNG and Diesel Rates, visit the PakWheels Fuel Prices Section.