Business
The POL prices likely to decrease on Nov 1
The average global price of petrol has been dropped to $76 per barrel
Islamabad: Following the declining global market trends, the prices of petroleum products in Pakistan are likely to fall by Rs2 to Rs3 per liter starting November 1.
The average global price of petrol has dropped to $76 per barrel, down from $77.5, while high-speed diesel prices fell from $86.5 to $84 per barrel over the past 15 days.
The reduction comes after the government previously raised the price of high-speed diesel by Rs5 per liter on October 15, while maintaining the price of petrol.
The possible decrease from November 1 follows earlier price cuts on September 30, when the government reduced petrol by Rs2 per liter and high-speed diesel by Rs3.40.
Currently, the government applies a substantial tax load on petroleum products, including a Rs60 petroleum development levy and Rs16 customs duty per liter, adding up to Rs76 in total taxes per liter for both petrol and diesel.
Distribution and sales margins, totaling approximately Rs17 per liter, are collected by oil companies and dealers.