Tag: consumer relief

  • OGRA announces ‘reduction’ of Rs0.81 per kg in LPG price

    OGRA announces ‘reduction’ of Rs0.81 per kg in LPG price

    The Oil and Gas Regulatory Authority (OGRA) has implemented a modest reduction in the price of Liquefied Petroleum Gas (LPG) by Rs0.81 per kg, effective from March 01, 2024.

    The previous consumer price for LPG stood at approximately Rs257.59 per kg. With the latest adjustment, consumers can now avail themselves of LPG at the revised rate of Rs216.79 per kg, indicating a notable decrease.

    For consumers relying on an 11.8 kg LPG cylinder, the cost has been adjusted to Rs3,030.12. This represents a decrease of Rs9.51 per cylinder from the previous price of Rs3,039.63, providing some relief to households and businesses alike.

    The move by OGRA to reduce LPG prices aims to alleviate the financial burden on consumers amid fluctuating economic conditions.

    This adjustment reflects the Authority’s commitment to ensuring fair pricing and accessibility of essential commodities for the public.

    Consumers are encouraged to verify and adopt the new rates, as OGRA continues its efforts to maintain transparency and affordability in the energy sector.

  • Govt expected to slash petrol prices for second half of January

    Govt expected to slash petrol prices for second half of January

    In a move aimed at providing relief to consumers, the government is expected to reduce petrol prices by more than Rs5 per litre for the second half of January.

    This decision comes as a response to the recent dip in global oil prices, ensuring that the benefits are passed on to the end-users.

    According to the latest pricing estimates until January 12, international petroleum prices have experienced a decline of 1 per cent over the last fortnight. This decrease in global prices may serve as a key factor in the government’s decision to revise the domestic petrol rates.

    On a different note, the price of High-Speed Diesel (HSD) is anticipated to see a slight uptick, with an expected increase of Rs2 per litre. This adjustment is attributed to a modest rise in international diesel prices during the relevant period.

    It’s crucial to highlight that one more session remains before the next pricing update, and the future trajectory of these prices will be contingent on global market movements and exchange rate fluctuations.

    Recalling the decisions from the previous fortnight, the government maintained petrol and diesel prices at Rs267.34 and Rs276.21 per litre, respectively.

    Additionally, there has been a marginal appreciation of the local currency against the USD since the previous fortnight’s pricing decision. The weighted average exchange rate now stands at approximately PKR 281.31 per USD. This development is expected to contribute to the adjustment of petrol prices in the domestic market.

    The official announcement of the revised prices is scheduled for midnight on January 15. The new prices will come into effect immediately and will be applicable for the rest of the month.

  • Petrol price slashed by Rs14 per litre, providing relief amidst inflation

    Petrol price slashed by Rs14 per litre, providing relief amidst inflation

    As announced in an official notification by the Finance Division, the revised prices for petroleum products, applicable from December 16 to December 31, have been endorsed by the Oil and Gas Regulatory Authority (OGRA).

    The recalibrated rates indicate a decline in petrol prices to Rs267.34 per litre, while the diesel rate has seen a reduction of Rs13.50 per litre, now standing at Rs276.21 per litre, according to the Finance Division’s official statement.

    Furthermore, the cost of kerosene oil has been curtailed by Rs10.14 per litre, settling at Rs191.02, and light diesel oil is now priced at Rs164.64 per litre following a reduction of Rs11.29.

    This adjustment comes in response to the notable decrease in global oil prices over the past two weeks, a factor contributing to the anticipation of a downward trend in fuel prices during the fortnightly review.

    It’s imperative to note that the government undertakes a bi-weekly reassessment of petroleum product prices, aligning them with international market dynamics and the exchange rate of the rupee. This latest revision reflects a proactive approach by the authorities to mitigate the economic impact on the general populace.

  • NEPRA greenlights Rs1.52 per unit hike in power tariff for Karachi residents

    The National Electric Power Regulatory Authority (NEPRA) has granted approval for an increase in the electricity tariff by Rs1.52 per unit for consumers of K-Electric.

    In accordance with the directive from the Economic Coordination Committee (ECC) in June 2023, NEPRA has issued a notification officially declaring a rise of Rs1.52 per unit in electricity charges, according to a press release.

    These adjustments will be reflected in the monthly electricity bills spanning from December 2023 to November 2024.

    A spokesperson for K-Electric clarified that NEPRA’s notification aligns with a previous ECC decision related to charges from the preceding tenure.

    In a statement, the spokesperson mentioned, “The prolonged duration in finalising KE’s tariff has contributed to the current circumstances, resulting in lower charges from Karachi compared to other regions in the country. Operating within the regulated framework of Pakistan’s power sector, KE, like other DISCOS, adheres to decisions made by the government of Pakistan and NEPRA concerning power tariffs.”

    It is noteworthy that lifeline consumers are exempted from the recent increase in charges, providing relief to this specific consumer group, the statement added.

    In a previous development this month, the Economic Coordination Committee (ECC) made a decision regarding the uniform quarterly tariff adjustments for K-Electric consumers, approving a hike of Rs1.72 per unit.

    The decision entails that the tariff rationalization guidelines previously issued to the National Electric Power Regulatory Authority (NEPRA) shall be applicable to the consumption of July, August, and September 2023, to be recovered from K-Electric consumers in December 2023, January 2024, and February 2024, respectively.

    Subsequent to this decision, the electricity tariff for K-Electric consumers will experience an increase of Rs1.72 per unit.

    Sources indicate that there will be a hike of Rs1.25 per unit in terms of quarterly adjustment from January to March 2023, while Rs0.47 per unit will be increased in terms of quarterly adjustment from October to December 2023.

    These measures are taken to ensure uniform electricity tariffs across the country, as per sources familiar with the matter.

  • Slight relief for consumers: Petrol price dropped by Rs2.04 per litre

    Slight relief for consumers: Petrol price dropped by Rs2.04 per litre

    The government announced a reduction in the prices of petrol and high-speed diesel (HSD) by Rs2.04 and Rs6.47 per litre, respectively, for the upcoming fortnight.

    According to a notification from the Ministry of Finance, the revised prices for petrol and HSD now stand at Rs281.34 and Rs296.71.

    Simultaneously, there was a decrease in the prices of kerosene oil and light-diesel oil by Rs6.05 and Rs9.01 per litre, bringing their new prices to Rs204.98 and Rs180.45, respectively.

    Prior to this decision, officials had anticipated a more substantial decline in the prices of petrol and HSD, ranging from Rs8 to Rs10 per litre.
    This projection was primarily based on the recent drop in international prices.

    However, despite the decrease in global prices for both HSD and petrol over the past two weeks, the rupee experienced depreciation against the dollar in the same period, mitigating the benefit of lower international prices for consumers.

    According to officials, the international prices indicated a reduction of about $9 per barrel on average for HSD, decreasing from approximately $113 to $104 during the week.

    Similarly, the price of petrol saw a decline of one dollar, moving from $91 to $90. Conversely, the rupee depreciated by Rs6 against the dollar, falling from Rs280 to Rs286.

  • Govt decides not to reduce petrol, diesel prices

    Govt decides not to reduce petrol, diesel prices

    The caretaker government announced on Tuesday that petrol and diesel prices would remain unchanged until November 15. 

    Furthermore, the government reduced the prices of kerosene and light-speed diesel by Rs 3.82 and Rs3.40 per litre. Kerosene and light-speed diesel will now be priced at Rs211.03 and Rs189.46 per litre, respectively.

    In the previous review on October 15, the caretaker government had announced a reduction of Rs 40 and Rs15 in petrol and diesel prices, bringing them to Rs283.38 and Rs303.18 per litre, respectively. 

    This adjustment was made in response to the continuous appreciation of the local currency against the greenback and fluctuations in international petroleum product prices.

  • Sugar price expected to drop below Rs150 per kg

    Sugar price expected to drop below Rs150 per kg

    The Punjab caretaker government successfully resolved the issue of high sugar prices in the country through negotiations with sugar mill owners. 

    A delegation from the sugar mill owners met with Punjab Caretaker Chief Minister (CM) Mohsin Naqvi. Both sides agreed to start sugarcane crushing on October 28. 

    According to ARY, sugar mill owners agreed to sell sugar to the Punjab government at Rs140 per kilogramme, and the provincial government planned to distribute the sugar stocks through special stalls in model markets.

    CM Naqvi acknowledged the financial difficulties faced by citizens and promised to lower sugar prices to provide relief.

    Despite the commerce ministry denying any sugar shortages, prices had surged to over Rs200 per kilogramme in various cities across the country. 

    This led citizens in Quetta and Sukkur to buy sugar at Rs220 per kg, while Karachi markets sold it for Rs180 to Rs200 per kg. 

    Similarly, sugar prices rose to Rs195 to Rs200/kg in Lahore, Jhang, and Faisalabad.

    Previously, it was reported that sugar prices reached a record high of Rs220 per kg in Balochistan’s retail markets. 

    Authorities initiated an investigation into the price increase and tightened scrutiny on sugar mill owners and dealers in Lahore. The Punjab government planned to take action to reduce the soaring sugar prices.

  • IMF’s ‘yes or no’ decision nears on relief for electricity bills

    IMF’s ‘yes or no’ decision nears on relief for electricity bills

    In the midst of extensive protests regarding soaring electricity charges, the interim government has reportedly devised a strategy aimed at alleviating the financial burden on electricity consumers in the country.  

    According to Geo News, the interim government is preparing a relief package that will grant up to Rs3,000 in relief to customers who use up to 300 units of electricity in their October bills. Furthermore, those facing electricity bills between Rs60,000 and Rs70,000 stand to benefit from a significant reduction of Rs13,000. 

    Simultaneously, discussions between the International Monetary Fund (IMF) and the interim government are ongoing, focusing on providing relief to electricity consumers. 

    In a separate report by The News, it’s revealed that the IMF, headquartered in Washington, has requested additional data from the Power Division to inform its decision regarding various proposals to address the impact of high bills in August and September. 

    “We have shared the required data with the Fund people hoping that IMF may today (Monday) come up with its response with a yes or no to the assertions of the Finance and Power Divisions, seeking permission for relief to inflation-stricken people in electricity bills,” shared sources involved in discussions with the IMF. 

    Currently, officials from both the Power and Finance divisions are engaged in intensive discussions with IMF representatives, considering the data associated with proposed measures to alleviate power tariffs and their potential effects on circular debt, cash flow, and potential delays in Independent Power Producers (IPPs) payments, ensuring the stability of the power sector. 

    In response to continuous protests by citizens and traders against soaring power bills and added taxes, the government is actively seeking to convince the global lender to grant immediate relief to electricity consumers in a nation already grappling with severe inflation. 

  • Here are the revised diesel and petrol prices effective July 16, 2023

    Here are the revised diesel and petrol prices effective July 16, 2023

    Finance Minister Ishaq Dar announced on Saturday that the prices of petrol and diesel will be reduced in the upcoming fortnightly review.

    During a televised address, the minister said that petrol prices will be reduced by Rs9 per litre, while diesel prices will see a decrease of Rs7 per litre. These adjustments were made due to changes in the international market over the past 15 days, with one petroleum product’s price increasing and the other decreasing.

    Following these revisions, the new price for petrol will be Rs253 per litre, and high-speed diesel (HSD) will be priced at Rs253.50 per litre. Minister Dar clarified that the petroleum development levy (PDL), which was previously raised to Rs60 per litre in response to the International Monetary Fund’s (IMF) request, will remain unchanged.

    The new prices will take effect on July 16, Sunday. Minister Dar also highlighted that the local currency has strengthened against the US dollar in the last 15 days, following Pakistan’s successful negotiation of a $3 billion Stand-By Arrangement (SBA) with the IMF.

    Here are the new diesel and petrol prices effective from tomorrow (July 16, 2023):

    Petroleum Product Previous Price Reduction Revised Price
    Petrol Rs263 per litre Rs9 per litre Rs254 per litre
    Diesel Rs260.50 per litre Rs7 per litre Rs253.50 per litre
  • Petrol price slashed by Rs8 to Rs262 per litre for next fortnight

    Petrol price slashed by Rs8 to Rs262 per litre for next fortnight

    In a televised address on Wednesday, Finance Minister Ishaq Dar announced a significant reduction in the prices of petroleum products by the federal government.

    Effective from 12 am tonight, the price of petrol will be lowered by Rs8 per litre, bringing it down to Rs262 per litre. Similarly, the price of diesel will be reduced by Rs5 per litre, making it Rs253 per litre.

    Minister Dar said that these revised prices would remain unchanged for the next fortnight, providing stability and predictability for consumers. He further stated that this reduction in prices is part of a cumulative effort, as the government has already decreased the prices of petrol and diesel by Rs20 and Rs35 per litre respectively throughout the month of May.