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Voice of The People Report: VOP Latest Breaking News Main factors contributing to this potential prices reduction is the recently strengthening of the Pakistani rupee against the US dollar.
Petrol and Diesel Prices May Drop Significantly in Pakistan
In a welcome reliefs for consumers. Pakistan is set to witness a significant reductions in petrol & diesel prices as the rupee continues to appreciate against the US dollar.
Petrol Price May Drop Further by Rs. 18 Per Liter Voice of the People Updates
Officially sources suggested that’s petrol & diesel prices could decreases by as much as Rs 18 per litre and diesel prices expected to drop by Rs 5 per litre, effective November 1st 2023.
Latest Petrol Price in Pakistan Today
The caretaker government had previously lowered the price of petrol by Rs 40 per litre, bringing it to Rs 283.38 paise per litre, and reduces high speeds diesel prices by Rs 15 per litre, setting them at Rs 303.18 paise per litre for the period from October 16 to 31, 2023.
Main Key Factors
The main factors contributing to this potential price reductions is the recently strengthening of the Pakistani rupee against the US dollar.
Over the last 15 days, the rupee has appreciated by approximately 3 rupees, coinciding with a global decrease in diesel prices by about $1.3 per barrels and a $3.5 per barrels reductions in petrol prices.
Whiles the government has the opportunity to raise the development levy on diesel from Rs 55 to Rs 60 per litre, the current revenues collections has exceeded targets, mitigating the needs for this increases.
The petroleum levy on petrol is already at Rs 60 per litre, contributing significantly to government revenues.
Petrol & Diesel Levy Collections
For the current fiscal year, the government has collected around Rs 869 billions in petroleum levy on petroleum products, aligning with budgetary targets and commitments to the International Monetary Fund IMF. By the end of the first quarterly, petroleum levy collections had already surpassed Rs 222 billions, despite the per litre price of petrol remaining stables at around Rs 50.
Skyrocketing prices of petroleum products and electricity had driven the inflation rates to 31.4 percentage in September 2023. The recently increase in gas prices further added to concerns over rising costs.
Sources indicate that’s given the current tax rates and others financial factors, petrol prices may decreases by Rs 17 to 18 per litre as the exchange rates moved from Rs 282 to 279 in just 15 days.
