Key Takeaways
- Petrol price reduced by Rs3.63 to Rs390.23 per litre.
- HSD price increased by 31 paise to Rs396.96 per litre.
- Changes due to global events and Platts rates.
The government has announced a reduction in the price of petrol by Rs3.63 to Rs390.23 per litre, effective from October 16. This adjustment follows a decrease in the import cost of petrol to Rs279.45 from Rs283.08, according to the Oil and Gas Regulatory Authority (OGRA).
In contrast, the price of High-Speed Diesel (HSD) has seen a slight increase of 31 paise, bringing its price to Rs396.96 per litre. The import cost of HSD has increased to Rs289.40 from Rs289.09 during the same period.
The average refined petrol price has decreased to USD 127.24 per barrel, compared to USD 129.31 per barrel on October 15. HSD, on the other hand, has been increased to USD 108.53 from USD 108.43 per barrel.
The change in prices is necessitated by global events, including changes in Platts rates, premiums, and incidentals, as stated by OGRA. The import cost of both fuels has been adjusted, but the government levies and fixed profit margins remain unchanged.
Petrol and HSD carry a Petroleum Levy of Rs80 per litre and a Climate Support Levy of Rs5 per litre. Dealers and oil marketing companies also have profit margins of Rs9.98 per litre and Rs7.87 per litre, respectively. The Inland Freight Equalisation Margin (IFEM) is sustained at Rs7.93 per litre for petrol and Rs4.71 per litre for HSD.
These adjustments reflect the ongoing fluctuation in global oil markets and the impact on local fuel prices. The government continues to monitor these changes to ensure fair and competitive pricing for consumers.
