Canada Global (Web News) Due to the significant reduction in global oil prices and the increase in the value of the Pakistani currency, the prices of petrol and diesel are likely to fall below Rs 300 in the coming review. According to the details, the expected reduction in the price of diesel by 20 rupees and petrol price by 38 rupees per liter can significantly reduce the fuel prices.
According to the government’s budget targets and the promise made to the IMF, it wants to collect about 869 billion rupees in petroleum levy in the current financial year.
If the government cuts, it will be the second time in a row that the caretaker government has cut the prices of petroleum products after three consecutive hikes.
Between August 15 and September 15, petrol and diesel prices were hiked by Rs 58 43 paisa and Rs 55 83 paisa respectively, after which their prices reached an all-time high of Rs 331 to 333 per litre.
The government is currently charging a tax of Rs 82 per liter on petrol and Rs 73 per liter on diesel.
Although the general sales tax on all petroleum products is zero, the government is imposing a petroleum development levy of Rs 60 per liter on petrol and Rs 50 per liter on diesel, high octane and Ron 95 petrol.
Based on the current rate of taxes, the price of petrol may drop to Rs 36 38 paise per liter as the global oil price has declined by 12% to $87 per barrel from $99 per barrel.
Petrol prices in the Middle East fell by $11.4 per barrel while the rupee depreciated to Rs 280 from Rs 292 against the dollar at the end of September.
