Tag: diesel price

  • Petrol price increased by Rs2.73 to Rs275.62 per litre

    Petrol price increased by Rs2.73 to Rs275.62 per litre

    The government has raised the price of petrol by Rs2.73 per litre, bringing it to Rs275.62 per litre for the upcoming fortnight.

    Additionally, the cost of high-speed diesel has seen an uptick, rising by Rs8.37 per litre to reach Rs287.33 per litre, according to an official notification.

    These revised prices, recommended by the Oil and Gas Regulatory Authority (OGRA), have come into effect as of midnight on February 16 and are slated to persist until February 29.

    The surge in petrol and high-speed diesel prices aligns with expectations following the adjustment in the exchange rate.

  • Petrol, diesel price in Pakistan to remain unchanged for first two weeks of January 2024

    Petrol, diesel price in Pakistan to remain unchanged for first two weeks of January 2024

    The interim government has chosen to uphold the current petrol price in Pakistan for the initial two weeks of January 2024.

    This decision is attributed to the absence of any significant decrease in global crude prices and amidst a stable exchange rate between the Pakistani rupee and the US dollar.

    The diesel price will also stay unaltered for the upcoming fortnight.

    As a result of this development, the prices for petrol and diesel will persist at Rs267.34 and Rs276.21 per liter, respectively.

    These revised prices will be effective from January 1, 2024.

    Earlier in the month, the government had reduced the prices of petrol and diesel by Rs14 and Rs13.5, respectively, following the bi-weekly revision.

  • Petrol price increased by Rs17.50 to Rs290.45 per litre

    Petrol price increased by Rs17.50 to Rs290.45 per litre

    The caretaker government has increased the petrol price by Rs17.50 to Rs290.45 per litre while diesel price has been increased by Rs20 to Rs293.40 per litre.

    The situation appears to be worsening for the already burdened population, who were already facing challenges in affording expensive petrol. Now, an additional financial strain is looming as they will be obligated to pay even higher prices.

    The Finance Division, addressing the recent developments, explained that the escalation of petroleum prices in the international market over the past two weeks has necessitated a revision in consumer prices within Pakistan. This decision has been made in response to the global market dynamics impacting local prices.

    This announcement follows a substantial price hike in fuel that was announced by the former Pakistan Democratic Movement (PDM)-led government on August 1.

    At that time, a significant increase of Rs19 per litre in the prices of both petrol and diesel was introduced. This move was attributed to the mounting global oil prices.

  • Petrol price likely to increase by Rs15 per litre after August 16

    Petrol price likely to increase by Rs15 per litre after August 16

    Starting August 16, petroleum products are expected to undergo a notable price hike. In particular, the price of petrol is projected to rise by Rs15 per litre, while diesel will likely see a steeper increase of Rs20 per litre.

    This surge in prices is attributed to a rise in global commodity rates. Recent reports indicate that the cost of crude oil has climbed by $5 per barrel, going from $86 to $91 per barrel. This increase is largely due to the elevated prices of petroleum products on the global market. Additionally, a separate premium charge of $2 per barrel has been applied to crude oil.

    Simultaneously, the international prices for both diesel and gasoline have also experienced a $5 surge, climbing from $97 per barrel to $102 per barrel.

    Should these prices remain unchanged, the anticipated effect on Pakistan’s fuel market would translate to a Rs15 per litre hike for petrol and a more substantial Rs20 per litre increase for diesel.

    In the context of the previous fortnightly review conducted by the outgoing government, a significant Rs19 per litre escalation in petrol and diesel prices had been announced. This decision was justified as being in alignment with the demands of the International Monetary Fund.

  • Govt increases levy on petrol to Rs55 per litre, maintains Rs50 levy on diesel

    Govt increases levy on petrol to Rs55 per litre, maintains Rs50 levy on diesel

    In a recent development, the government has decided to raise the petroleum development levy (PDL) on petrol in accordance with a staff-level agreement worth $3 billion signed with the International Monetary Fund (IMF).

    Starting from today, the PDL on petrol will be increased from Rs50 to Rs55 per litre, while there will be no change in the development levy on high-speed diesel (HSD), which remains at Rs50 per litre.

    The announcement was made by Finance Minister Ishaq Dar, who clarified that petrol prices would not be affected by this decision. However, diesel prices will see an increase of Rs7.50 for the next two weeks, with the new price becoming effective from July 1.

    Minister Dar emphasised this during a late-night press conference, ensuring that there would be no change in the price of petrol.

    To enable this adjustment, the government sought the power to amend the Petroleum Products (Petroleum Levy) Ordinance, 1961 (XXV of 1961) through the Finance Act 2023-24. This amendment grants the government the authority to increase the petroleum levy, eliminating the requirement for parliamentary approval to determine the maximum limit of the levy.

    According to The News, the Ministry of Finance shared with the Senate Standing Committee on Finance that the PDL has been set at Rs60 per litre, aiming to generate revenue of Rs879 billion in the upcoming fiscal year. This target surpasses the revised target of Rs542 billion for the previous financial year, which concluded on June 30, 2023.

  • Petrol, diesel prices may increase by Rs10-17 per litre

    Petrol, diesel prices may increase by Rs10-17 per litre

    Despite the fact that the prices for petroleum products and crude oil have remained largely stable, the price of petrol and diesel may increase by Rs10 to Rs17 per litre as of August 1, 2022. The depreciation of the Pakistani rupee is anticipated to be the cause of the upcoming increase.

    According to The News, sources claim that without taking into account the petroleum levy (PL), a price increase of Rs10 for petrol and Rs16–17 for diesel has been estimated. Additionally, Mogas prices have been forecasted at Rs15 per litre and diesel at Rs23 per litre if the government increases the petroleum levy of Rs5 per litre on gasoline.

    The anticipated increase in POL prices has also been calculated without taking into account the ECC’s Thursday approval of an increase in dealers’ margins (DMs) on POL prices of Rs2.10 per litre for gasoline and Rs2.87 per litre for diesel to Rs7 per litre. Petrol’s price could increase by Rs2.10 to Rs17.10 per litre, and diesel’s price could increase by Rs2.87 to Rs25.87 per litre.

    The increase in dealers’ margin will take effect on August 1, 2022, if the federal cabinet approves this decision in the next two days. Industrial sources reported that the US dollar has increased in value by Rs40 so far this month.

    The current exchange rate against the US dollar is Rs239.9427, and the open market price is Rs246.15. However, they did say that the exact price of gasoline and diesel will depend on the exchange rate in force as of today (Friday).

    Since the price of crude oil as of Thursday settled at $99.4 per barrel, according to independent experts, Pakistani consumers won’t be able to benefit from the decrease in price of POL as a result of the rising exchange rate. The government seems more inclined to impose PL on both gasoline and diesel by Rs5 per litre each.

    Liquefied petroleum gas (LPG) costs also rose by Rs10 per kilogramme on Wednesday without an Oil and Gas Regulatory Authority notification (OGRA).

    The chairman of the LPG Distribution Association (LDAP), Irfan Khokhar, told Profit that a household cylinder now costs Rs2,750 after an increase of Rs150, while the cost of a commercial cylinder has increased by Rs450 to Rs10,438 as a result of the unannounced price increase.

  • Govt increases petrol price by Rs14.85 to Rs248.74 per liter

    Govt increases petrol price by Rs14.85 to Rs248.74 per liter

    The price of petroleum products has been increased by the federal government on Thursday for the upcoming two weeks, costing the general public nearly Rs15–18 per liter.

    Finance Minister Miftah Ismail said that he was “not supposed” to appear on national television to announce an increase in the cost of petroleum products, but that he did so in response to a directive from Prime Minister Shehbaz Sharif.

    According to the Finance Division’s formal notice, the government has concluded to partially adopt a petroleum levy and revise the current prices of petroleum products “as agreed with the development partners” due to the price fluctuation of oil on the global market and changes in exchange rates.

    As of today (July 1), the cost of gasoline will be Rs248.74 per liter, diesel will be Rs276.54 per liter, kerosene will cost Rs230.26 per liter, and light diesel oil will cost Rs226.15 per liter.

    Starting from July 1, 2022, the new prices will be in effect.

    Product Old prices New prices Increase
    Petrol  Rs233.89 Rs248.74 Rs14.85
    Diesel  Rs263.31 Rs276.54 Rs13.23
    Kerosene oil Rs211.43 Rs230.26 Rs18.83
    Light diesel oil Rs207.47 Rs226.15 Rs18.68
    Latest prices
  • PM Shehbaz rejects OGRA’s proposal, petrol price to remain unchanged till April 30

    PM Shehbaz rejects OGRA’s proposal, petrol price to remain unchanged till April 30

    Pakistan’s new Prime Minister (PM) Shehbaz Sharif on Friday dismissed the proposal from the Oil and Gas Regulatory Authority (OGRA) to raise the price of petroleum products for the fortnight. The recent decision is aimed at providing relief to the public affected by inflation.

    It is worth noting that the present government’s choice to maintain the same prices will oblige it to provide another substantial subsidy till the end of April 2022.

    Earlier, OGRA suggested to the Finance Division that the price of petrol be increased by Rs21.50 and that of diesel be hiked by Rs51.30 in view of the current petroleum levy and general sales tax (GST).

    Read more: Massive hike of Rs83.5 for petrol, Rs119 for diesel proposed by OGRA

    The authority also proposed a hike of Rs83.50 per liter of petrol and Rs119.88 per liter of diesel considering the federal government’s recommended petroleum levy of Rs30 and 17 per cent GST, as per the official statement.

  • Petrol, diesel prices set to increase again by Rs10 in February

    Petrol, diesel prices set to increase again by Rs10 in February

    The government is likely to increase the prices of petroleum products by Rs10 for the next month in line with the rising rates in the international market, according to Geo News’ sources.

    The price of petrol will move up by Rs7 per litre while the rate of diesel will increase by Rs10 per litre. The existing price of petrol is Rs147.83 and diesel costs around Rs144.

    However, the official announcement is yet to be made but as per the news outlet, the final decision will be made on January 30.

    Previously, an increase of Rs3 in petroleum products was implemented on January 16.

    Despite growing inflation in the country, for the ease of public, the government has planned to launch Ehsaas Petrol Cards for motorcyclists to enable them to buy petrol at a subsidised rate.