Latest Petrol Prices in Pakistan – October 16, 2023

Citizens of Pakistan have been suffering from high fuel prices for over a year now. Due to this immense inflation rate, fuel prices have skyrocketed and it has been very difficult for the general public. Public transport fares also massively increased and it’s been quite a challenge for the people to commute. Salaried people who commuted by using their cars and bikes started opting for public transport because it has been difficult to afford fuel for daily transport. However, the caretaker government has reduced fuel prices finally and the new petrol price per litre is Rs283.38 instead of Rs323 per litre.

Petrol Price on October 16, 2023 in Pakistan

After the prices kept rising over the last few months, citizens have finally taken a sigh of relief. This is because the Government of Pakistan has effectively decreased the petrol prices from 16th October, 2023. The government says this decrease in fuel prices is because of the appreciation of Pakistani currency recently and because the international rates have dropped. Price of petrol till the mid of October was Rs 323 per litre. However, the Government has slashed the petrol price by Rs 40 per litre. The new petrol price effective as of today (16 0ct 2023) is Rs 283 per litre. This decrease has relieved the public as the prices were getting out of hand.

Levy Charged on Petroleum Products

As of today, the government receives a staggering Rs 50 per litre on per litre of high-speed diesel. We could see a rise in Rs 10 per litre as well on the current price in levy. However, experts suggest this price is unlikely to change because the government has to to keep up with their target of reaching Rs 869 billion by the end of the year. This is an IMF condition for this fiscal year and the government aims to achieve this amount as per agreement with the IMF.

As of October 16, 2023, the government is charging an amount of Rs 82 per litre tax on petrol and amount of Rs 73 per litre on High Speed Diesel. 

The revised price for petrol is Rs 283.38 per litre and for HSD is Rs 303.18 per litre. Read about the new tax reforms here “World Bank Suggests Taxing Pakistan’s Agriculture and Real Estate.”