Pakistan Fuel Price Hike: Petrol, Diesel Rise by Rs4
Pakistan Fuel Price Update: Petrol and Diesel Costs Rise, LPG Decreases - September 2024
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Updated as of September 30, 2024, 19:58:13 PKT. This article provides the latest data on fuel and LPG prices in Pakistan, based on official government announcements.
Petrol and Diesel Price Increase
On Tuesday, September 24, 2024, the Pakistani federal government increased the price of petrol by Rs4.07 per litre, bringing the new price to Rs268.68 per litre, up from Rs264.61 per litre. High-speed diesel (HSD) prices also rose by Rs4.04 per litre, reaching Rs276.81 per litre, compared to the previous price of Rs272.77 per litre. This price adjustment is effective for the next fortnight (two-week period).
The Finance Division announced the changes,stating they were made based on recommendations from the Oil and Gas Regulatory Authority (Ogra) and relevant ministries.
Impact of Price Changes
Petrol, commonly used in motorcycles, rickshaws, and private vehicles, directly affects the budgets of middle- and lower-income households. HSD is crucial for heavy transport, agricultural machinery, and trains, and its price is considered a notable driver of inflation, impacting the cost of food and other essential goods.
Government Levies and Taxes
Currently, the government does not impose Goods and Services Tax (GST) on petroleum products. Though, substantial levies are applied, including Rs79.50 per litre on diesel and Rs80.52 per litre on petrol and high-octane products, with an additional Rs2.50 per litre allocated under the Customs Service levy (CSL). Customs duties of approximately Rs16-17 per litre are also applied to both petrol and diesel,regardless of whether the fuel is imported or locally produced.
Liquefied Petroleum Gas (LPG) Price Decrease
In contrast to petrol and diesel, the price of liquefied petroleum gas (LPG) decreased in October 2024. Ogra announced a reduction of Rs.6.70 per kilogramme. Consequently, an 11.8kg cylinder of LPG, which cost Rs2,527.47 in September 2024, will now be sold for Rs2,448.33, a decrease of rs.79.14 or 3.13 percent.
According to a statement from Ogra, as reported by Dawn.com ogra reduces LPG price by rs670kg-for-october, the LPG producer price is linked to Saudi Aramco-CP and the US dollar exchange rate.Saudi Aramco-CP decreased by 3.78% compared to the previous month, while the average dollar exchange rate saw a slight increase of 0.23%.