Pakistan trims petrol price by 14 paise, diesel by Rs1.89 a litre

Pakistan has cut the ex-depot price of petrol by 14 paise to Rs387.40 a litre and of High Speed Diesel (HSD) by Rs1.89 to Rs400.35 a litre, effective from October 1, according to a Petroleum Division notification.

The Oil and Gas Regulatory Authority said the change was necessitated by global events, including changes in Platts rates, premiums and incidentals. During the last seven days, it said, the average petrol price has been reduced to USD 127.74 per barrel (compared to USD 127.74 per bbl on September 30), while HSD decreased to USD 110.68 per barrel from USD 111.76 per bbl.

Import costs moved with the global benchmarks. Petrol's import cost fell to Rs276.64 per litre from Rs276.78 per litre, and HSD's to Rs293.36 per litre from Rs296.24 per litre, the notification said. Government levies and fixed profit margins were left unchanged, it added: a Petroleum Levy of Rs80 per litre, a Climate Support Levy of Rs5 per litre, and profit margins of Rs9.98 per litre for dealers and Rs7.87 per litre for oil marketing companies.

The Inland Freight Equalisation Margin (IFEM) was adjusted at Rs7.91 on petrol and Rs4.19 per litre on HSD.