Refineries in Pakistan face losses as petrol falls below crude
Petrol price in Pakistan today shows international petrol at $105.90 a barrel, just below Dubai crude at $106.90, leaving local refiners with negative margins and a Rs49 levy.
International petrol was $105.90 a barrel on November 6, just below Dubai crude at $106.90, according to Topline Research.
The seven-day average refining margin was negative $1 a barrel as of November 6, and the daily margin fell to negative $5 on November 5.
The shift is described as the first time in recent history that refining margins have turned negative.
A Rs49 per litre levy on petrol, recently imposed, adds pressure on domestic refineries.
The figures cover international prices, so they do not by themselves show what drivers pay at Pakistani pumps.