Petrol Price in Pakistan Dropped by 5.45 and Diesel by 8.42
Here is the good news: Guess what? The government has reduced petrol price in Pakistan. And that’s the news you want to hear after reading our blog about the expected drop in petrol prices. Now the price of petrol has dropped by Rs. 5.45 and diesel by Rs. 8.42. The decline in global oil prices is a major contributor to this drop in prices. Let’s take a look at the latest petrol prices in Pakistan and why they have come down.
Petrol Price in Pakistan Today: May 1, 2024
Mentioned below are the revised petrol and diesel prices, effective May 1, 2024.
| Product | Old Price (Rs.) | New Price (Rs.) | Difference (Rs.) |
| Petrol | 293.84 | 288.49 | -5.45 |
| High Speed Diesel (HSD) | 290.38 | 281.96 | -8.42 |
Here is the breakdown of what constitutes the per liter price of petroleum products in Pakistan.
Petroleum Levy in Pakistan
This is the current (w.e.f. Apr 16, 2024) tax regime:
| Product | PL (Rs.) | GST (Rs.) | IFEM (Rs.) | OMC (Rs.) | DC (Rs.) | Ex Refinery (Rs.) |
| Petrol | 60 | 0 | 6.65 | 7.87 | 8.64 | 210.68 |
| High Speed Diesel | 60 | 0 | 3.41 | 8.26 | 8.64 | 210.07 |
| Kerosene Oil | – | – | – | – | – | – |
| Light Diesel | – | – | – | – | – | – |
Glossary of Terms
- PL – Petroleum Levy or Petroleum Development Levy
- GST – General Sales Tax
- IFEM – Inland Freight Equalization Margin
- OMC – Oil Marketing Companies Margins
- DC – Dealers’ Commission
- Ex Refinery – Price per liter as sold by the refinery
Petrol Price in Pakistan: OGRA Notification May 1, 2024
Expected Fuel Prices From the 1st of May
Remember when we said recently that petrol prices are likely to drop due to the drop in global oil prices? OK. The price of a barrel in the OPEC basket fell from $90.18 to $88.72 in the last 15 days. Thus, the government passes benefits to local consumers.
Also, given the ongoing crisis in the Middle East, there is a possibility of an increase in global oil prices at any time, which may lead to an increase in prices in Pakistan.
If you have any thoughts on this, please share them in the comments below.
Also check: LPG Price in Pakistan Today