In a good news for people, the petrol price in Pakistan is expected to come down by Rs. 9.62. According to media reports, the new price of petrol would be Rs. 226.36 from the current Rs. 235.98 per liter.
However, the diesel price may go up by Rs. 3.04 to Rs. 250.03/liter from Rs. 247.26 for the next 15 days of September. As per industry experts, with unchanged customs duty at Rs. 15.39, the cost of one-liter petrol in the refinery has reduced by Rs. 7.84/liter to Rs. 166.76 from Rs. 174.61.
Petrol Levy and Sales Tax
Under the fresh agreement with International Monetary Fund (IMF), the government has agreed to impose Rs. 50/liter Petrol Levy (PL) on petrol along with 17% Sales Tax. The current PL is Rs. 37 per liter, while there is 0% Sales Tax currently. It was expected that the government would impose these taxes in coming days, however, a drop in global fuel prices is expected to give some respite to the masses.
Current Petrol Price in Pakistan
On September 1st, the government increased the petrol price in Pakistan by Rs. 2.07, taking the rate to Rs. 235.98 from previous Rs. 233.91. Meanwhile, the high-speed diesel (HSD) price was hiked by Rs. 2.09 and it now costs Rs. 247.43 compared to Rs. 244.44.
Furthermore, the new rate of Kerosene Oil is Rs. 210.32 from Rs. 199.40 as it saw a jump of Rs. 10.92. And last but not least, light diesel oil (LDO) observed an increase of Rs. 9.79, taking the price to Rs. 201.54 from Rs. 191.75.
If the government reduces prices today, it will be a major drop by the government as the prices have mostly gone up under the current government since April 2022 due to a number of reasons. Meanwhile, the government is planning to deregulate the petrol price in Pakistan from November 1. If this happened, then there will be no role of the government in deciding fuel prices in the country and Oil Marketing Companies (OMCs) will decide the rates as per market trend.
