Tag: new petrol price

  • Clarification issued: Petrol price reduced by Rs4.74 per litre, not Rs15.39

    Clarification issued: Petrol price reduced by Rs4.74 per litre, not Rs15.39

    The Ministry of Finance has announced a reduction in fuel prices, decreasing petrol by Rs4.74 per litre and high-speed diesel (HSD) by Rs3.86 per litre. This announcement followed initial confusion regarding the extent of the cuts.

    The confusion arose after PTV reported that Prime Minister Shehbaz Sharif had directed a more substantial reduction of Rs15.4 per litre for petrol and Rs7.9 per litre for diesel for the upcoming fortnight.

    This premature report was posted on PTV’s official X account but was later retracted.

    The Prime Minister’s Office soon issued a clarification, stating that the figures reported by PTV were outdated and pertained to the previous month’s adjustments. Following this clarification, the Finance Ministry released its fortnightly notification confirming the new, more modest reductions.

    PTV had claimed that the government’s “people-friendly policies” had brought economic stability and achieved a noticeable reduction in inflation.

    Initially, it was expected that the prices of petrol and HSD would decrease by approximately Rs6.5 to Rs7.5 per litre on May 31, despite a slight exchange rate loss due to a bearish trend in the international market.

  • Govt expected to slash petrol price by over Rs5 per litre

    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.

  • Petrol, diesel prices in Pakistan likely to drop as global oil prices decline

    Petrol, diesel prices in Pakistan likely to drop as global oil prices decline

    In a potential relief for Pakistanis grappling with inflation, the government is expected to reduce petrol prices for the first half of May 2024, following a dip in global oil prices.

    According to reports, petrol prices could drop by around Rs3.75 per litre, with a final announcement scheduled for midnight on April 30, 2024.

    This price cut, if implemented, is a response to a recent decline in international petroleum product prices, with a drop of $1.86 to $107.16 per barrel observed.

    High-speed diesel (HSD) prices are also likely to be adjusted, with a reduction of around Rs7.85 per litre anticipated, owing to a $4.3 per barrel decrease in global prices.

    Additionally, the stability of the Pakistani rupee against the US dollar has contributed to the downward trend.

    Since the previous fortnight, the local currency has remained steady at a weighted average rate of approximately Rs278.38 per USD.

    However, these figures are subject to change, as there are still three more trading sessions before the final pricing announcement.

    Fluctuations in the global market and exchange rate movements could impact the final decision.

    In the last pricing update, the government increased petrol prices by Rs4.53 to Rs293.94 per litre, while high-speed diesel saw an increase of Rs8.14 to Rs290.38 per litre.

    The upcoming price adjustments, if confirmed, could provide some relief to consumers affected by inflationary pressures.

  • IMF wants Pakistan to increase petrol prices

    IMF wants Pakistan to increase petrol prices

    The International Monetary Fund (IMF) conveyed to the Pakistani authorities that while the Petroleum Development Levy (PDL) has considerably increased in recent years, the taxation of petroleum products has declined since 2019. “The relatively low rate of taxation of petrol is also reflected in the sale price relative to other countries.” The IMF emphasized that there is a difference of gasoline prices when compared to selected neighboring countries and emerging economies.

    The average 2023 price of gasoline at the pump was $1.12 per litre against $0.97 per litre in Pakistan. The IMF report said that taking off the exemption of petroleum products under the Sales Tax would increase prices by 18% with the standard rate of General Sales Tax.
    Moreover, the IMF has also recommended in its Technical Assistance Report with the Pakistani authorities to raise taxes on domestically manufactured automobiles and on luxury goods such as yachts. It also said to increase border control to stop smuggling of oil derivatives.

    Pakistan faces a problem of smuggling especially on it Western borders with both Iran and Afghanistan. A 2023 Civil Intelligence Agency report exposed that Pakistan faced loss of more than Rs. 60 billion annually due to smuggling of more than 2.81 billion litres of oil from Iran to Pakistan, as per the report of Business Recorder.

    The Fund also recommended the Federal Board of Revenue (FBR) to tax e-cigarettes equal to tobacco in the country.

  • Petrol price increased by Rs4.13 to Rs279.75 per litre

    Petrol price increased by Rs4.13 to Rs279.75 per litre

    The outgoing caretaker government announced on Thursday an increase in the price of petrol by Rs4.13 per litre while maintaining the current price of diesel.

    According to a notification from the Finance Division, the new price of petrol will be Rs279.75 per litre and will remain in effect for the upcoming fortnight.

    This marks the third consecutive hike by the interim government, and it is expected to be the last under their administration, as an elected prime minister is set to take office by the end of this week.

    The recent surge in petrol prices was anticipated, given the rise in global oil prices amid a recovery in demand and persistent tensions in the Middle East.

    The caretaker government had previously increased the price of petrol by Rs2.73 per litre and high-speed diesel (HSD) by Rs8.37 per litre in the last review.

  • Petrol price increased by Rs13.55 per litre for the next two weeks

    Petrol price increased by Rs13.55 per litre for the next two weeks

    In a statement released on Wednesday, the caretaker government disclosed an adjustment in the pricing of petrol and diesel, elevating their rates to Rs272.89 and Rs278.96 per litre, respectively.

    The revised figures indicate an increment of Rs13.55 per litre for petrol and Rs2.75 per litre for high-speed diesel (HSD).

    The updated prices are slated to come into effect on February 1, 2024. Prior speculation by Business Recorder suggested a potential surge in petrol prices ranging from Rs8 to Rs11 per litre and an increase of Rs2 to Rs7 per litre for HSD.

    This decision follows the government’s recent review, during which a notable reduction of Rs 8 per litre was declared for petrol while the HSD rate remained unaltered.

    The move has garnered attention and stirred discussions within various sectors.

  • Petrol price in Pakistan slashed by Rs40 to Rs283.38 per litre

    Petrol price in Pakistan slashed by Rs40 to Rs283.38 per litre

    In a move to ease the burden on masses dealing with high inflation, the caretaker government has decided to lower the cost of petrol by Rs40 per litre and high-speed diesel (HSD) by Rs15 for the next two weeks. 

    The new per litre rates are set at Rs283.38 for petrol and Rs303.18 for diesel. 

    This change comes as a response to fluctuations in international fuel prices and an improved exchange rate, leading the government to adjust consumer prices for petroleum products. 

    For the second time in a row, the interim government is taking steps to lower petroleum prices, following three consecutive bi-weekly increases.

    In the previous adjustment, petrol saw a reduction of Rs8 per litre, while high-speed diesel decreased by Rs11 per litre.

    Between August 15 and September 15, the prices of petrol and high-speed diesel had surged by Rs58.43 and Rs55.83 per litre, reaching historic highs at retail of Rs331-333 per litre.

    Earlier this week, it was anticipated that the prices of HSD and petrol would dip below Rs300 per litre in the upcoming review, thanks to a significant decline in global oil rates and the strengthening of the rupee.

  • Govt may cut petrol price by Rs11 per litre today

    Govt may cut petrol price by Rs11 per litre today

    The price of petrol may be reduced by Rs11 per litre by the government, according to sources privy to the matter.

    According to Dawn, the cost of petrol is anticipated to drop by Rs11 per litre, while the cost of high-speed diesel is anticipated to rise by Rs8 per litre. Petrol is currently available for Rs230 per litre.

    The tax on petrol is expected to surge by Rs5 per litre and the tax on diesel, kerosene, and light diesel by Rs10 per litre, as per reports.

    However, the Ministry of Finance will reveal a price revision today, and the new rates will take effect on August 1.

  • Petrol, Diesel prices to remain unchanged till April 15

    The government has decided to maintain the existing prices for petroleum products for the fortnight. Petroleum prices will remain unchanged from April 1 to April 15, as per a statement released by the finance division.

    Petrol is currently priced at Rs149.86 per liter, while diesel, kerosene oil, and light diesel are priced at Rs144.15, Rs125.56, and Rs118.31 per liter, respectively.

    Following an increase in global market prices at the time, the government approved a record-breaking Rs12.03 per liter hike for petrol on February 15. Surprisingly, on February 28, the government decreased POL prices by Rs10 per liter, to lessen the impact of existing inflation on the public.

    The Oil and Gas Regulatory Authority (OGRA), on the other hand, has raised the price of liquefied petroleum gas (LPG) by Rs13 per liter.

    Read More: Nisab amount of zakat deduction set at Rs88,927 for 2022

    After an increase of Rs157 per domestic cylinder and Rs606 per commercial cylinder, the prices of domestic and commercial LPG cylinders have been fixed at Rs2,916 and Rs11,220, respectively, for April 2022.

    Conversely, in the aftermath of the Russia-Ukraine conflict, the international market saw massive volatility as crude oil prices reached new highs.