Starting November 1, petrol and high-speed diesel (HSD) prices are expected to drop by around Rs. 2 to Rs. 3 per liter. This decrease is a response to slight reductions in global oil prices over the last two weeks.
According to sources, the international prices of petrol and HSD dropped by approximately $1.5 and $2.5 per barrel, respectively. Considering the exchange rate and tax policies, petrol prices may decrease by Rs. 3 per liter, while HSD prices could fall by about Rs. 2.30 per liter.
These new rates will be effective once the government releases an official notification.
In the global market, petrol now averages about $76 per barrel, down from $77.5, while HSD stands at $84 per barrel, down from $86.5. The added import costs for petrol and HSD have remained stable, as has the exchange rate, meaning price changes are mainly due to the dip in crude oil costs.
The pre-distribution price of petrol is Rs. 243.03 per liter, and HSD costs Rs. 251.29 per liter.
In mid-October, the government raised diesel prices by Rs. 5 per liter, keeping petrol prices at Rs. 247.03 until the end of the month.
The government currently collects around Rs. 76 per liter in taxes on both petrol and HSD. This includes a Petroleum Development Levy of Rs. 60 per liter and customs duties of Rs. 16 per liter. Oil companies and dealers also receive approximately Rs. 17 per liter to cover distribution and sales costs.
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