ISLAMABAD: Due to the recent advancements in the value of the Pakistani Rupee against the US dollar, it is being anticipated that Petrol and Diesel prices may decrease by approximately Rs 5-18 per liter, respectively from November 1, 2023.
The Sources privy to the situation have indicated that the Oil and Gas Regulatory Authority (OGRA) has drafted a preliminary plan to reduce petroleum product prices. The final decision is expected to be forwarded to the petroleum division by October 31.
According to reports, the cost of High-Speed Diesel (HSD) is likely to dip by around Rs 5-6 per liter, potentially falling to less than Rs 300 per liter, unless the interim government further adjusts the petroleum levy. Conversely, petrol prices are anticipated to become more affordable by roughly Rs 18 per liter.
The ultimate decision will rest with the interim government, which may contemplate revising tax rates for petroleum products.
This favorable outlook can be largely attributed to the rupee’s recent gain of approximately Rs 3 against the dollar over the past two weeks, coupled with a decline in the average price of diesel by around $1.3 per barrel and an increase of approximately $3.5 per barrel in the price of petrol.
This marks the third consecutive instance of the caretaker government lowering petroleum prices after three successive increases. Between August 15 and September 15, petrol and high-speed diesel prices had surged by Rs 58.43 and Rs 55.83 per liter, respectively, reaching a historic high of Rs 331-333 per liter at the retail level until the end of September.
Subsequently, rates for petrol and diesel were trimmed by Rs 52 and Rs 26 per liter, respectively, in two stages, effective from October 1 and October 16.
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