After Rupee appreciates against the hefty dollar and POL prices are dropped in international markets, the petrol price in Pakistan is estimated to see a new down of Rs. 7 per liter in the coming fortnightly price review.
Moreover, maintaining the current tax rates in line with relaxation under an agreement with the International Monetary Fund (IMF), the per liter price of high-speed diesel (HSD) will reduce by Rs. 16.65, light diesel oil (LDO) by Rs. 10.80 and kerosene oil by Rs. 14.20.
The price review is subject to change in the existing taxation. The government charges Rs. 37.42 as petroleum levy (PL) on petrol and Rs. 7.58 on diesel while general sales tax is zero.
Current Petrol Price in Pakistan
On September 21, the government announced a petrol price increase in Pakistan. As per a notification by the Finance Division, the petrol price was increased by Rs. 1.45, taking the price to Rs. 237.43 from Rs. Rs. 235.98 per liter.
Meanwhile, the diesel price remained the same at Rs. 247.43. Furthermore, the new rate of Kerosene Oil is Rs. 202.02 from Rs. 210.32 as it saw a reduction of Rs. 8.30. And last but not least, light diesel oil (LDO) observed a decrease of Rs. 4.26, taking the price to Rs. 197.28 from Rs. 201.54.
In a notification, the Finance Division stated that in the wake of fluctuation in global oil prices and exchange rate variation, the government has decided to revise the prices of petroleum products.
Days before this reduction in petrol price in Pakistan, there was news that the rate would come down by Rs. 9/liter, but later, former Finance Minister Miftah Ismail said that the price would increase or decrease by only Rs 0.80.
What do you think about this expected decrease in petrol price in Pakistan? Share your thoughts in the comments section.
