For the upcoming two weeks, the federal government lowered the price of gasoline and high-speed diesel (HSD) by Rs2.04 and Rs6.47 per litre, respectively. According to the Ministry of Finance’s announcement, the new tariffs are Rs281.34 for gasoline and Rs296.71 for HSD. The price of light-diesel oil and kerosene oil dropped as well; they are currently at Rs180.45 and Rs204.98 per litre, respectively, down Rs6.05 and Rs9.01.
Because of the decreased worldwide costs, officials predicted that the price of petrol and HSD will drop by Rs8 to Rs10 per litre. Nevertheless, the rupee fell by Rs6 versus the dollar despite global drops of almost $9 per barrel for HSD and $1 for gasoline. This affected the benefits that consumers received from the lower foreign costs.
The government’s target of collecting Rs869 billion this fiscal year for the petroleum development levy (PDL) has already been reached, with a maximum ceiling of Rs60 a litre. On October 31, the prices of gasoline and HSD did not alter from their prior increases and decreases over the fiscal year. Currently, the tax on gasoline and HSD is about Rs. 80 per litre, plus an extra Rs. 60 for PDL.
