The government of Pakistan increased the petrol and diesel prices for the next fortnight. The petrol price has been increased by 1.35 rupees and the diesel price by 3.85 rupees. But why have fuel prices increased when global petroleum prices have been decreasing since the last price update? Let’s see the latest petroleum prices and explore the reasons why they have gone up. If interested, you will also find petrol price breakdown in this blog.
Petrol Price in Pakistan Today 2024
Diesel Price in Pakistan Today 2024
Here are the latest petroleum prices effective from Nov 01, 2024.
Petrol Price in Pakistan Today
| Product | Old Price (Rs.) | New Price (Rs.) | Difference (Rs.) |
| Petrol | 247.03 | 248.38 | +1.35 |
| High-Speed Diesel (HSD) | 251.29 | 255.14 | +3.85 |
If you are interested in knowing what constitutes the per liter price of petroleum products in Pakistan, you’ll find the following information useful.
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Petroleum Levy in Pakistan
This is the current (w.e.f. Nov 01, 2024) tax regime:
| Product | PL (Rs.) | GST (Rs.) | IFEM (Rs.) | OMC (Rs.) | DC (Rs.) | Ex Refinery (Rs.) |
| Petrol | 60 | 0 | 7.89 | 7.87 | 8.64 | 163.98 |
Glossary of Terms
- PL – Petroleum Levy or Petroleum Development Levy
- GST – General Sales Tax
- IFEM – Inland Freight Equalization Margin
- OMC – Oil Marketing Companies Margins
- DC – Dealers’ Commission
- Ex Refinery – Price per liter as sold by the refinery
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Petrol Price in Pakistan: Analysis
Well, the increase in the petrol and diesel prices was not expected this time as the global petroleum prices have decreased. So, why has the government increased the fuel prices? Well, if we deep dive, the government has actually reduced the ex-refinery petrol price. It was set to Rs. 166.80 last time, and now it has been decreased to Rs. 163.98 (-Rs. 2.82). But at the same time, it has increased the Inland Freight Equalization Margin (IFEM) from Rs. 3.72 to Rs. 7.89 (+Rs. 4.17). So, it is the main reason behind this price hike which many had ignored.
Still, we need to keep an eye on the ongoing crisis in the Middle East as if it worsens, there’s a possibility of further escalation in global petroleum prices at any time, which may result in another price hike in Pakistan. Additionally, we may see another hike when the government increases the petroleum levy from Rs. 60 (current) to Rs. 70 (as proposed in the budget 2024-25).
If you have any thoughts on this, feel free to share them in the comments below.
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بیس روپے بڑھاو پانچ روپے کام کرو
We were so many expectations from this government but they failed
Really now we are disappointed
If they don’t do something for nation then next time people never will support this government
The Pakistani public does not pay any kind of TAX willingly. They fail to understand that governments need revenue the run the country. So the Pakistani government collects revenue the only way it can. From utilities and fuel.
Example; TV licence payment is included automatically in the electricity bill along with some other taxes.
The Pakistani public does not pay any kind of TAX willingly. They fail to understand that governments need revenue the run the country. So the Pakistani government collects revenue the only way it can. From utilities and fuel.
Example; TV licence payment is included automatically in the electricity bill along with some other taxes.