BR100 Decreased By (-1.72%)
BR30 Decreased By (-2.68%)
KSE100 Decreased By (-1.36%)
KSE30 Decreased By (-1.26%)
AGHA 6.41 Decreased By ▼ -0.17 (-2.58%)
BECO 4.29 Decreased By ▼ -0.09 (-2.05%)
BML 54.36 Decreased By ▼ -1.17 (-2.11%)
BOP 28.89 Decreased By ▼ -1.04 (-3.47%)
CNERGY 12.21 Decreased By ▼ -0.51 (-4.01%)
CSIL 5.03 Decreased By ▼ -0.17 (-3.27%)
FCCL 50.00 Decreased By ▼ -1.13 (-2.21%)
FFL 13.82 Decreased By ▼ -0.59 (-4.09%)
FNEL 1.17 Decreased By ▼ -0.05 (-4.1%)
KEL 5.62 Decreased By ▼ -0.35 (-5.86%)
KOSM 5.36 Decreased By ▼ -0.21 (-3.77%)
LOTCHEM 25.30 Decreased By ▼ -0.95 (-3.62%)
MLCF 88.24 Decreased By ▼ -1.90 (-2.11%)
NBP 156.95 Decreased By ▼ -5.16 (-3.18%)
NCPL 51.17 Decreased By ▼ -1.45 (-2.76%)
NPL 54.16 Decreased By ▼ -3.82 (-6.59%)
OGDC 310.34 Decreased By ▼ -4.28 (-1.36%)
PACE 9.19 Decreased By ▼ -0.51 (-5.26%)
PAEL 33.01 Decreased By ▼ -1.76 (-5.06%)
PIBTL 13.19 Decreased By ▼ -1.01 (-7.11%)
PPL 216.48 Decreased By ▼ -4.18 (-1.89%)
PRL 87.42 Decreased By ▼ -2.93 (-3.24%)
PTC 56.55 Decreased By ▼ -2.32 (-3.94%)
SSGC 22.48 Decreased By ▼ -0.79 (-3.39%)
TBL 8.66 Decreased By ▼ -0.01 (-0.12%)
TELE 6.97 Decreased By ▼ -0.39 (-5.3%)
TPL 20.67 Decreased By ▼ -0.35 (-1.67%)
TPLP 11.60 Decreased By ▼ -0.50 (-4.13%)
TREET 20.38 Decreased By ▼ -0.98 (-4.59%)
TRG 51.45 Decreased By ▼ -2.94 (-5.41%)
Business & Finance Print edition: 2022-09-29

Oil prices likely to dip

Published Updated

ISLAMABAD: The fortnightly price of petroleum products (POL) is likely to climb down by up to Rs14.71 per litre based on the existing rate of taxes, with effect from October 1.

The energy sector experts have worked out that the price of petrol may reduce by Rs4.94 per litre and High-Speed Diesel (HSD) by Rs14.71 per litre in line with a significant drop in the price of refined and crude oil, globally.

In case the government decides to reduce the prices, the ex-depot price of petrol will come down from Rs237.43 to Rs232.49 per litre.

The price of HSD will come down from Rs247.43 to Rs232.72 per litre.

The price of kerosene oil (SKO) is also expected to come down by Rs12.03 per litre from Rs202.02 to Rs189.99 per litre.

The price of light diesel oil (LDO) is also expected to come down by Rs8.93 per litre from Rs197.28 to Rs188.35 per litre.

The sources further said that cut in the POL prices was certain if the petroleum development levies (PL) and the general sales tax (GST) are not increased. The government had committed to increase the PL rate by Rs50 per litre till April 2023 as per the agreement with the IMF.

On September 21, the PL on HSD is increased by eight paisa from Rs7.50 to Rs7.58 per litre and same eight paisa reduced on petrol from Rs37.50 to Rs37.42 per litre till September 30.

The prices of crude oil in the international market are at the lowest in the last eight months. Brent Crude Oil is available at $86.15 per barrel after a drop by $4.31 while the price of WTI crude oil is $78.74 per barrel after a reduction by $4.75.

Pakistan is importing 70 percent of fuel in refined form due to the limited capacity of local refineries and 30 percent import in crude oil.

Copyright Business Recorder, 2022

Comments

Comments are closed for this article.