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Tag: today petrol rate in pakistan 2023

petrol price

Petrol and Diesel Price In Pakistan On 27 September 2023

Petrol and Diesel Price In Pakistan

The caretaker government of Pakistan has decided to reduce Petrol and Diesel Price in Pakistan from October 16, 2023. It has been decided to reduce the price of petrol in Pakistan by Rs. 40 per liter. Diesel price reduced by Rs 15 per litre

Today Petrol and Diesel prices in Pakistan

Product Price
MS Petrol Rs. 283.38
Hi-Speed Diesel Rs. 304.05

The price increase is based on current tax rates and import parity prices, mainly due to currency fluctuations and marginal increase in international oil prices.

Petrol and Diesel Prices are Likely To Increase From November 1

It should be noted that the government is charging a levy of Rs 2 per liter on petroleum. 55 rupees per liter on petrol and 50 rupees per liter on high speed diesel. A possible increase in their prices may affect inflation in November.

petrol price

What Is Real Price of Petrol In Pakistan Without Govt Tax?

Real Price of Petrol In Pakistan

Did you know, what is the real price of petrol in Pakistan without government taxes? The total tax and margin levied by the government on petrol is Rs 72.18 per litre. Real price of petrol revealed to be 220 rupees.

The federal government is levying excessive taxes/other charges on finished petroleum products before refining. Inflation affected consumers are thus paying much more than the actual import and refining costs.

Price Of Petrol In Pakistan Has Reached Close To Rs. 300

Petroleum products are a major source of revenue for the cash-strapped government and the worst hit is the public. According to people associated with the petroleum sector and media reports, the actual price of petrol in Pakistan without tax is around Rs 220 and diesel price is Rs 233.19 per litre.

It has been reported that Rs 72 18 paise per liter tax and margin is levied on petrol while Rs 50 per liter levy has been maintained on petrol and diesel.

On August 16, the ex-refinery rate of petrol was Rs 218.32. 55 rupees per liter levy on petrol remains. The price of IFEM has been fixed at Rs 4.13 per liter after an increase of Rs 1.50. Dealer margin on petrol is Rs 7 and OMC margin is Rs 6 per litre.

Muzzamil Aslam added that it is also true that oil has become expensive in the global market while the value of the Pakistani rupee has also fallen. Due to which petroleum products have become expensive.

petrol price

Possibility Of Increasing Petroleum Price In Pakistan On 15 April 2023

The possibility of increasing petroleum price in Pakistan on 15 April 2023 on the demand of IMF

Experts were of the view that the depreciation of the rupee against the US dollar and the rise in international oil prices over the past two weeks could push up local prices, there is possibility of increasing petroleum price in Pakistan on 15 April 2023

Pakistan announces revision of petroleum prices every 15 days based on changes in international oil prices and other domestic factors including exchange rates.

The country had maintained the prices of petrol and high speed diesel (HSD) for the next fortnight starting from 01 April 2023 on 31 March 2023.

About Petroleum Price

Finance Minister Ishaq Dar, while announcing the petroleum prices for the next fortnight, has maintained the prices of petrol and diesel at Rs. 272 and Rs. 293 per liter respectively. However, the prices of kerosene and light diesel oil have decreased by Rs 10 to Rs 180.29 and Rs 174.68 respectively.

پنجاب میں پیٹرول کی قلت کی وجہ سامنے آگئی

Since the beginning of this month, the Pakistani Rupee (PKR) has seen a sharp decline against the dollar due to the uncertainty of funding from the International Monetary Fund (IMF) and other friendly countries. The local currency recorded PKR 287.85 against the dollar in the interbank foreign exchange market on April 05, 2023.

On the other hand, the international prices of the benchmark Brent crude also recorded an increase due to the reduction in production by OPEC in the last few days. By the end of March 2023, Brent crude was trading at $73 per barrel. However, it rose to $84 per barrel in the first week of April 2023.

Pakistan is a net importer of petroleum products to meet its domestic demand. Any revision in exchange rate and increase in international oil prices affects local prices.

According to data released by the Pakistan Bureau of Statistics (PBS), the country’s oil import bill fell to $11.88 billion in the first eight months (July-February) of the fiscal year 2022/2023.

The country’s petroleum import bill declined by 8.28 percent to $11.88 billion during the eight months of the current fiscal year from $12.95 billion in the corresponding months of the previous fiscal year.

However, on the other hand, the import bill increased by 23% as a result of the massive depreciation of the Pakistani Rupee (PKR). In rupee terms, the petroleum bill rose to PKR 2.72 trillion during the first eight months of the current fiscal year as against PKR 2.21 trillion in the same months of the previous fiscal year.

In the petroleum group, imports of petroleum products during July-February 2022-2023 declined by 14.47 percent to $5.35 billion as against $6.26 billion in the same period last fiscal.