The expected reduction in Pakistan’s petrol prices aligns with recent global oil price drops. This adjustment, set for the fortnight starting November 1, 2024, could see petrol, diesel, and kerosene prices fall by up to Rs3.50 per litre. However, the final rates will depend on the global market review on October 31.
The internal equalization freight margin (IEFM), kept negative this month, is also under review. Should the government adjust it upward by Rs2-3, we might see minor increases of Re0.78 for petrol and Re0.26 for high-speed diesel (HSD). Despite this, kerosene oil may still drop by Rs1.42, and light diesel by Rs3.32.
The government had earlier cut IEFM by Rs3.04 for HSD and Rs4.07 for petrol, which resulted in losses for oil companies. Additionally, to manage prices, customs duty on HSD was decreased from Rs15.18 to Rs13.26 per litre.
