ISLAMABAD: Citing sources, Bol News reports that Petroleum Prices in Pakistan are expected to rise after November 1st, and the increase will be up to Rs 2.34 per litre. The Oil and Gas Regulatory Authority had prepared its work on petroleum products for the next fortnight.
According to sources, the price of petrol is expected to increase by Rs 1.48 per liter and diesel by Rs 1.34 per liter. Furthermore, the price of kerosene is projected to increase by Rs 2.43 and light diesel by 49 paisa per liter. The Oil and Gas Regulatory Authority will send the paperwork to the Ministry of Petroleum on October 31.
Thereafter, the Ministry of Petroleum will send the work to the Prime Minister.. The Finance Ministry will then confirm the rise, and the Ministry of Finance will declare the term of petrol pricing on October 31 at night.
Earlier, the Federal government decreased petrol pricing and all other petroleum products for the fortnight from October 16 to 31. The new petrol pricing, according to the Finance Division’s notification, will be reduced by Rs5.66 per liter to Rs263.02 per liter.
The high-speed diesel price has been reduced by Rs1.39 per litre, bringing it to Rs275.41. The price of light diesel oil was also cut by Rs2.74 per litre, with the new price set at Rs162.76 per litre.
Furthermore, kerosene oil became cheaper by Rs3.26 per litre, with the new price being set at Rs181.71 per litre. The government announced that the revised petrol rates would be implemented at 12 a.m. today, seeking to provide relief to consumers in the face of violent rises and falls in global oil prices. Pakistani people are already burdened with high taxes and duties on petroleum commodities, and here is the tax breakdown.
According to a document obtained by Bol News, taxes and duties per litre of petrol amount to Rs 101.49, including Rs75.52 of petroleum development levy per litre from July 1, 2021, for the first time, Rs2.50 per liter of climate levy, Rs6.98 per liter of freight margin, Rs7.87 per liter of oil company margin, and Rs8.64 per liter of dealer margin.
The ex-refinery price would be Rs168.30. Taxes and duties on high-speed diesel per liter amount to Rs 95.74, including Rs 74.51 of the petroleum development levy, Rs 2.50 of the climate levy from July 1, 2021, Rs 2.09 of the freight margin, Rs 8.00 of the oil company margin, and Rs 8.64 of the dealer margin. Diesel’s ex-refinery price is Rs177.24.
