In Pakistan, where the expense of living is a concern for many, the news of a potential decrease in petrol prices provides cause for optimism. The second half of October 2023 may see a significant Rs35 per litre decrease in the price of petrol, according to reports. This prospective price reduction would be the first in nearly two months, bringing solace to many.
Several important factors account for the anticipated decrease in petrol prices. First, it’s due to the local currency’s appreciation against the US dollar. In addition, a decline in international fuel prices contributes to this anticipated decrease.
Currently, the price per litre of unleaded and diesel in Pakistan is Rs323.38 and Rs318.18, respectively.
If the proposed reduction in petroleum prices is approved, the following will be the new prices per litre:
Latest Petrol Price in Pakistan October 2023
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Currently, the government imposes a Rs50 per litre petroleum development levy on high-speed diesel. To maintain stable prices, the government has the option of maintaining the current rates by increasing the levy by Rs10 per litre, with the goal of collecting Rs869 billion in levy revenue during the current fiscal year, in accordance with an IMF requirement.
In addition to this fee, the government imposes additional duties on these items. Currently, taxes of approximately Rs82 per litre are applied to petrol and Rs73 per litre to high-speed diesel.