Contrary to the rumours about an expected hike in the petrol price, the government has kept it unchanged for the next fortnight. However, the diesel price has been increased by 5 rupees. This increase is credited to a significant rise in global petroleum prices. Let’s see the latest petroleum prices and explore the reasons why the diesel price has gone up while the petrol price in Pakistan remains unchanged.
Petrol Price in Pakistan Today 2024
Diesel Price in Pakistan Today 2024
Here are the latest petroleum prices effective from Oct 16, 2024.
Petrol Price in Pakistan Today
| Product | Old Price (Rs.) | New Price (Rs.) | Difference (Rs.) |
| Petrol | 247.03 | 247.03 | 0 |
| High Speed Diesel (HSD) | 246.29 | 251.29 | +5.0 |
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. Oct 16, 2024) tax regime:
| Product | PL (Rs.) | GST (Rs.) | IFEM (Rs.) | OMC (Rs.) | DC (Rs.) | Ex Refinery (Rs.) |
| Petrol | 60 | 0 | 3.72 | 7.87 | 8.64 | 166.80 |
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 diesel price is credited to a significant upward trend in global petroleum prices. Thus, the government has passed it down to local consumers in the form of a diesel price hike. If we see the OPEC basket price per barrel, it has gone up from $71.34 on 1 October 2024 to $77.18 on 14 October 2024. Coming to the petrol price, it has actually increased. The government has increased the ex-refinery price from Rs. 162.73 to Rs. 166.80 (a difference of +Rs. 4.07). At the same time, they have decreased the Inland Freight Equalization Margin (IFEM) by Rs. 4.07 (from Rs. 7.79 to Rs. 3.72). It is the reason why the government has been able to keep the overall petrol price unchanged for the end consumers.
We are seeing this upward trend in the global petroleum prices due to the worsened ongoing crisis in the Middle East. Keep in mind that 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.