Tag: diesel price in Pakistan

Govt hikes petrol price by Rs9.99 per litre, diesel by Rs6.18 for the rest of July 2024

The government has announced an unexpected increase in petrol and diesel prices for the next fortnight.

In response to the rise in international oil rates, the price of petrol in Pakistan has been raised by Rs9.99 per litre to Rs275.60. Concurrently, the price of High Speed Diesel (HSD) has been increased by Rs6.18 per litre, bringing it to Rs283.63.

The Finance Division issued a notification for these latest fuel prices under the fresh fortnightly review. This increase is expected to further exacerbate the financial burden on the populace, who are already struggling with the high costs of essential food items and basic necessities.

Previously, there were projections that the government might increase the petrol price by Rs6-7 per litre, but such a significant hike was not anticipated.

The Finance Division clarified that the duties and levies will remain unchanged, meaning the Petroleum Development Levy (PDL) stays the same in this latest fuel price review.

This is the second time in a row that the government has not increased the levy on petroleum products.

July 16, 2024
Temporary relief ends as govt raises petrol price by Rs7.45 to Rs265.61 per litre

In a significant development, the federal government announced on Sunday an increase in the prices of petrol and high-speed diesel (HSD), effective from July 1, 2024.

The price of petrol has been raised by Rs7.45, bringing the new rate to Rs265.61 per litre. Meanwhile, the price of HSD has surged by Rs9.56 per litre, setting the new price at Rs277.45.

This price adjustment follows the previous review in which the government had reduced the petrol price by Rs10.2 per litre and the diesel price by Rs2.33 per litre.

The latest increase aligns with the government’s earlier projections, which had indicated a potential rise of Rs7.54 per litre for petrol and Rs9.84 per litre for HSD, based on prevailing government taxes and the profit margins for oil marketing companies (OMCs).

July 1, 2024
Govt expected to slash petrol price by over Rs5 per litre

In a significant move to alleviate the burden of soaring inflation, the government is anticipated to reduce petrol prices by Rs5.3 per litre for the first half of June 2024.

This expected decrease aligns with the recent decline in international petroleum prices, offering much-needed relief to the public.

As of May 28, 2024, international price trends have shown a decrease, resulting in the ex-refinery price of petrol dropping to approximately Rs184.59 per litre from Rs189.86 per litre in the previous two weeks. This forthcoming reduction will mark the third consecutive cut in fuel prices, accumulating a total decrease of over Rs26 per litre.

In addition to petrol, the price of high-speed diesel (HSD) is also expected to fall by around Rs4.1 per litre, reflecting a similar downward trend in its international price. This follows the recent reduction in diesel prices, where a second consecutive cut saw a drop of Rs7.88, bringing the price to Rs274.08 per litre.

However, it is crucial to note that three more trading sessions remain before the final pricing update, meaning the ultimate prices could still be influenced by fluctuations in global markets and exchange rates.

The government will announce the new fuel prices at midnight on May 31, 2024, which will then be effective for the first half of June. This development is poised to offer substantial financial relief to consumers, amidst one of the highest inflation rates in Asia.

May 29, 2024
Govt may reduce petrol price by over Rs12 per litre this week

The government is poised to enact a significant reduction in petrol prices by approximately Rs12.8 per litre for the latter half of May 2024, aligning with the downward trend in international prices.

According to price estimates until May 13, 2024 (Monday), global petroleum product prices have experienced a notable decline compared to the previous fortnight.

This reduction will be in addition to the Rs5.45 decrease implemented in the preceding fortnight, when the government adjusted the price to Rs288.49 per litre.

Furthermore, there is an expectation that the government will also lower the price of high-speed diesel (HSD) by approximately Rs8.3 per litre due to a corresponding decline in its international price.

In the previous fortnight, the government had reduced the price of High-Speed Diesel (HSD) by Rs8.42 to Rs281.96 per litre.

Despite fluctuations in global markets, the local currency has maintained relative stability against the USD since the last pricing adjustment, with a weighted average rate hovering around PKR 278.2 per USD.

It’s noteworthy that three pricing sessions remain before the next update, indicating that the final prices will be contingent on further global market movements and the exchange rate.

The government is scheduled to unveil the new prices at midnight on May 15, 2024, and these adjustments will remain effective for the second half of May.

May 13, 2024
Govt keeps petrol price unchanged at Rs279.75 per litre

The newly elected government, in its inaugural fortnightly review following assumption of power, has opted to keep the price of petrol unchanged for the upcoming fortnight at Rs279.75 per litre.

According to a statement released by the Finance Division, the price of diesel has been revised downwards by Rs1.77 per litre, resulting in a new price of Rs285.56 per litre.

In the previous review, the interim government at the time maintained the diesel price at its existing level while raising the petrol price by Rs4.13 per litre.

March 15, 2024