Major Relief: Petrol Prices Dropped by PKR 40, HSD by PKR 15

Major Relief: Petrol Prices Dropped by PKR 40, HSD by PKR 15

Islamabad: According to a news published on 16-10-2023, due to the dip in the International Market, the petrol price has dropped by PKR 40 per liter and that of high-speed diesel (HSD) by PKR 15 per liter. The reduced price has significantly relieved the general public suffering from inflation.

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The caretaker government has revised the petrol and diesel prices in the country as the petroleum prices lowered in the global market by USD 7 per barrel. The new petrol price is PKR 283.38 and PKR 303.18 for HSD, per a notification issued by the Ministry of Finance. The sources indicate that petrol prices were revised due to the variations in the international prices of petroleum products.

In addition, the dip in the global market has improved the exchange rate in the country. The caretaker government has dropped the petroleum prices for the third time fortnightly. As per the previous change, petrol was cut by PKR 8 per liter and high-speed diesel by PKR 11 per liter. Previously, the petrol and high-speed diesel prices were raised by PKR 58.43 and PKR 55.83 per liter, reaching historic highs of PKR 331-333 per liter at the retail stage between August 15, 2023, and September 15, 2023.

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Moreover, while reviewing the significant incline in global oil rates, expert economists predicted a fall of PKR 300 per liter petroleum prices in the upcoming week. Sources indicate that on Tuesday, the dollar lost another 93 paisa, closing at PKR 278.58 in the interbank market, which did not reach the disappointing figure of remittances.

However, the interim administration has decided otherwise, especially in the case of high-speed diesel, by raising taxes on development fees of PKR 50 per liter compared to PKR 60 for petrol. The government intends to collect a duty fee of PKR 869 billion on petroleum products during the current fiscal year’s budget. The initiative was taken in compliance with the objectives and obligations set by the International Monetary Fund (IMF).

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