Tag: Light Diesel Oil

  • Govt raises petrol price by Rs26.02 per litre, diesel by Rs17

    On Friday night, the interim government implemented a significant adjustment in fuel prices. The cost of petrol rose by Rs26.02 per litre, reaching a new rate of Rs331.38 per litre, while high-speed diesel (HSD) saw an increase of Rs17.34 per litre, settling at Rs329.18 per litre.

    The Ministry of Finance made this announcement via a post on X (formerly known as Twitter) after midnight.

    This decision was driven by the continuous upward trajectory of petroleum prices in the global market. It’s important to note that there were no alterations made to the rates of kerosene or light diesel oil.

    This latest price surge closely follows a substantial hike on September 1, when the interim government elevated fuel prices by up to Rs18 per litre. This increase was preceded by similar adjustments made by the interim government on August 15.

    The rationale behind these price adjustments lies in adherence to existing tax structures and import parity prices. These changes were primarily necessitated by currency fluctuations and a slight uptick in international oil prices.

  • Petrol, diesel prices expected to decrease following decline in global crude oil prices

    Petrol, diesel prices expected to decrease following decline in global crude oil prices

    Petroleum product prices in Pakistan are expected to reduce from April 1st following a decline in international crude oil prices. The oil marketing companies (OMCs) estimated that the price of diesel could go down by Rs15-20 per litre, while the price of petrol is expected to decline by Rs4-5 per litre.

    However, industry sources suggest that the Finance Division may keep the prices unchanged.

    In its last fortnight review, the federal government had increased the price of petrol to Rs272 per litre, attributing the hike to the depreciation of the Pakistani rupee against the US dollar and an increase in the prices registered by Platts Singapore.

    The government raised the price of MS (petrol) by Rs5 per litre and hi-speed diesel by Rs13 per litre. The price of kerosene oil saw an increase of Rs2.56 by reducing the government’s dues, while the price of light diesel oil remained constant by adjusting the government dues.

    The new prices came into effect on March 16 and will remain in place until March 31. The Finance Division is expected to announce the new rates late on March 31, which will remain in place for the next 15 days.

  • Govt hikes petrol price by Rs5 to Rs272 per litre to match global market changes

    Govt hikes petrol price by Rs5 to Rs272 per litre to match global market changes

    As per a press release from the Finance Division, the government has decided to raise the price of petrol by Rs5 per litre to Rs272 per litre for the next two weeks, effective from March 16 (Thursday).

    The statement noted that the increase was due to the rise in Platts Singapore prices over the past two weeks and the depreciation of the Pak Rupee, resulting in a hike in petroleum, oil, and lubricant (POL) products in Pakistan.

    The notification further disclosed that the price of high-speed diesel has been increased by Rs13 per litre to Rs293 per litre, and kerosene has been raised by Rs2.56 per litre to Rs190.29 per litre by reducing government dues on them. However, the price of light diesel oil has been kept constant at Rs184.68 per litre by adjusting government dues.

    It’s worth mentioning that Finance Minister Ishaq Dar had previously announced a reduction in petrol prices by Rs5 per litre on February 28.

  • Russia refuses to give Pakistan 30–40% discount on crude oil

    Russia refuses to give Pakistan 30–40% discount on crude oil

    It appears that talks with Russia came to an end without any conclusion since Moscow has refused to offer Pakistan a 30–40 per cent discount on crude oil, claiming that all volumes were committed.

    During the negotiations, the Pakistani group, which included State Minister for Petroleum Musadik Malik, the joint secretary, and representatives of the Pakistani Embassy in Moscow, sought a reduction.

    However, Russia has pledged to take Pakistan’s request into consideration and to later communicate its opinion through diplomatic channels.

    Nevertheless, according to sources, Russia can provide oil at the rates it is currently offering to its major client countries, which are stable and solid economies, at an appropriate time. All quantities are currently contracted with significant purchasers, they claimed.

    The Russian side urged Pakistan to start by keeping its word over the Pakistan Stream Gas Pipeline, which will be built from Karachi to Lahore, Punjab.

    During the negotiations, the Pakistani side expressed a desire to alter the PSGP project’s model. The Russian side claimed that only a few provisions of the shareholding agreement needed to be finalised and that the model of the project under the GtG arrangement had already been established.

    According to Geo, the official delegation from Pakistan travelled to Moscow on November 29 for a three-day meeting with Russian officials to discuss the possibility of importing crude oil at a reduced price, as well as the mode of payment and shipping costs.

    Russian crude oil may be processed in Pakistan’s refineries, and one private refinery has previously used Russian crude oil to provide completed goods, according to sources in the industry ministry.