Petrol price likely to decrease by Rs10.75 per litre today
The price of petrol is likely to decrease by Rs10.75 per litre, while the prices of high-speed diesel (HSD), kerosene oil, and light diesel fuel are likely to rise by Rs5 to Rs12 per liter on October 15 (today), according to sources in petroleum division.
However, if the current tax rate remains unchanged, there is a possibility of a reduction in petrol prices by around Rs12 per litre for the next fortnight after October 15.
The price of petrol is likely to decrease by around Rs10.75 per litre to Rs214 under the current tax rate, while the price of high-speed diesel will increase by around Rs11.50 per litre to Rs247.
Similarly, the price of kerosene is likely to reach Rs196 after an increase of Rs4.50 per litre, while the price of light diesel oil (LDO) is likely to reach Rs194 after a hike of Rs7.50 per litre.
On the other hand, international crude oil prices have declined over the past 2 weeks, but the cost of high speed diesel imports in the country has also been affected due to increase in premium and margin in high speed diesel during the same period.
Crude oil prices rose again this week after major oil-exporting countries announced production cuts, but the next fortnight from November 1 could see a change in oil prices.
The official said that the price determination of petroleum products depends on the visit of Finance Minister Ishaq Dar to the US and how he adjusts with the western countries.
In this case, the Petroleum Development Levy (PDL) may reach a higher level as per the agreement reached with the International Monetary Fund (IMF), but this will affect high-speed diesel.
Therefore, the government will follow the international price trend to achieve the limit of Rs50 per liter petroleum development levy under the IMF agreement and to avoid inflation in January and April.
