Oil Prices Cut: Petrol Down by Rs1.93, Diesel by Rs4.21 per Litre

The Petroleum Division has announced a reduction in ex-depot prices for petrol and High-Speed Diesel (HSD) effective September 24, 2023. The new prices come in response to recent global oil market fluctuations associated with instability in the Middle East.

As per the official notification, the ex-depot price for petrol has been reduced by Rs1.93 per litre, bringing it down from Rs392.05 to Rs390.12 per litre. The price for HSD has dropped by Rs4.21 per litre, settling at Rs414.75 per litre.

The Oil and Gas Regulatory Authority (OGRA) calculated these new rates using a seven-working-day rolling average of the daily Platts Arab Gulf Means Price. Over this period, the average international petrol price was reported at USD 131.20 per barrel, slightly lower than the previous USD 132.30 per barrel. For HSD, the price per barrel decreased from USD 121.34 to USD 118.94.

According to the notification, the import cost of petrol is now Rs279.56 per litre, compared to Rs281.49 previously. The price for imported HSD has similarly dropped to Rs307.84 per litre from Rs312.05 per litre.

Government-imposed levies and fixed profit margins for both fuels remain constant. Each litre of petrol and HSD carries a Petroleum Levy of Rs80 and a Climate Support Levy of Rs5. Dealers and oil marketing companies earn profit margins of Rs9.98 and Rs7.87 per litre, respectively. Customs duties have stayed at Rs23.68 per litre for petrol and Rs15.68 for HSD. The Inland Freight Equalisation Margin has been set at Rs7.71 per litre for petrol and Rs4.06 per litre for HSD.