Petrol, diesel margins to increase by November 1

Islamabad: Oil marketing companies and dealers are expected to witness a rise in their margins on petrol and diesel starting November 1.

The proposed increment is set to boost margins by Rs0.88 per liter.

Specifically, oil companies' margins are expected to increase by Rs0.47 per liter, with dealers seeing a Rs0.41 per liter increase.

It's noteworthy that the government intends to phase in these margin increases, ultimately reaching Rs1.88 for oil companies and Rs.1.64 for dealers across four stages.

This news coincides with an anticipated decrease in petroleum product prices on November 1.

The decrease is attributed to a drop in global crude oil prices and the depreciation of the Pakistani rupee against the US dollar.

Reports suggest a $5 per barrel decrease in global crude oil prices, with petrol prices in Pakistan expected to decline by Rs20 per liter and high-speed diesel by Rs16 per liter.