ISLAMABAD: Prices of petroleum products in Pakistan may see a decline of up to Rs 3.50 per liter from November 1 in the next two weeks, sources said. Geographic News.
According to sources, a decline of up to Rs 3.50 per liter is expected in the prices of petrol, diesel and kerosene oil during the next 15-day period starting November 1, driven by the recent decline in global crude oil prices.
But the final change in fuel prices will be decided after the global price review on October 31.
Report, published in NewsHe claimed that the average price of gasoline in the global market fell to $76 per barrel after it was $77.5 per barrel.
Moreover, the report said that the petrol price may rise by ₹0.78 and HSD price by ₹0.26 per litre, if the authorities revise the internal equivalent freight margin (IEFM) of at least Rs 2-3 per litre, which the government has kept negative. . For two continuous weeks from October 16, 2024, to keep POL prices on the lower side, despite rising global prices.
If the authorities revise the IEFM, then even then the price of kerosene oil will fall by Rs 1.42 and that of light diesel by Rs 3.32 per litre.
The government had earlier reduced IFEM by Rs 3.04 and Rs 4.07 per liter for HSD and Mogas, respectively, as oil marketing companies and refiners suffered losses.
In a written letter dated October 16, 2024, to the Chairman of the Oil and Gas Regulatory Authority (OGRA), the Oil Companies Advisory Council (OCAC) said the government had deviated from the current pricing formula.
To manage prices on the lower side from October 16, 2024, HSD excise duty has been reduced from Rs 15.18 to Rs 13.26 per litre.