Petrol and diesel prices will drop in the country from November 1.
Petrol and diesel prices will likely decrease by Rs 2 to Rs 3 per Litre for the next fortnight from November 1, mainly due to a slight price drop in the global market.
According to the report, informed sources say that between the last 15 days, the global market’s average prices of petrol and high-speed diesel have decreased by 1.5 dollars and 2.5 dollars per barrel, respectively. Prices may decrease by Rs 3 and Rs 2.30 paise per Litre respectively.
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Officials said that the average price of petrol per barrel in the global market fell to 76 dollars against 77.5 dollars, while the price of high-speed diesel per barrel decreased from 86.5 dollars to 84 dollars per barrel.
During the current 15 days, the import premium on both petrol and diesel has remained stable at $8.7 and $5 per barrel.
At present, the ex-depot price of petrol is Rs 247 3 paise per Litre and the ex-depot price of diesel is Rs 251 29 paise per liter.
It is clear that on October 15, the federal government (for October 16 to 31) increased the price of high-speed diesel by Rs. 5 per litre while deciding to maintain the price of petrol per Litre.
Earlier on September 30, the government had announced a reduction in the prices of petroleum products by making petrol Rs 2 and diesel Rs 3 40 paise cheaper.
On Sep 15, the govt announced a reduction in the price of petrol by Rs 10 and diesel by Rs 13 6 paise.
The government currently levies a tax of around Rs 76 per Litre on both petrol and diesel, a petroleum development levy of Rs 60 per Litre, and a customs duty of Rs 16 per litre on both products, in addition to around Rs 17 per Litre. Distribution and sales margins are going to the oil companies and their dealers.
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