Tag: PEtrol PRice

  • Govt notifies Rs1.86 per litre ‘reduction’ in petrol price for next fortnight

    Govt notifies Rs1.86 per litre ‘reduction’ in petrol price for next fortnight

    The government has marginally reduced petrol prices by Rs1.86 per litre for the next two weeks, following approval from Prime Minister Shehbaz Sharif.

    This slight decrease falls short of the anticipated Rs6 per litre, with many Pakistanis expecting a reduction of at least Rs3.10 per litre.

    Effective from September, the new petrol price in Pakistan will be Rs259.10 per litre, down from Rs260.96. The price of high-speed diesel (HSD) has also been lowered by Rs3.32 per litre, bringing it down to Rs262.75 from Rs266.07.

    Additionally, the prices of kerosene oil and light diesel oil have been cut by Rs2.15 and Rs2.97 per litre, respectively, reducing their prices to Rs169.62 and Rs154.05 per litre.

    Read more: Exchange rates: PKR gains 10 paisa against US dollar, Rs2.35 versus Swiss Franc

    This marks the third consecutive reduction in petroleum product prices, with a total decrease of Rs16.5 per litre for petrol since July 30. In the previous fortnightly review, petrol and diesel prices were reduced by Rs8.47 and Rs6.70 per litre, respectively.

    It remains unclear whether this minimal price reduction will impact public transport fares or ride-hailing services, and it is unlikely to significantly ease daily commuting costs for motorists. Nonetheless, the prices are decreasing rather than rising.

  • K-Electric seeks NEPRA approval for Rs5.45 per unit tariff hike following petrol price surge

    K-Electric seeks NEPRA approval for Rs5.45 per unit tariff hike following petrol price surge

    Karachi’s power provider, K-Electric, has submitted a request to the National Electric Power Regulatory Authority (NEPRA) seeking approval for a Rs5.45 per unit increase in electricity tariffs under the Fuel Cost Adjustment (FCA) mechanism for May and June.

    If NEPRA approves this request, it will significantly intensify the financial burden on consumers already struggling with high inflation and declining incomes. Citing rising fuel costs, K-Electric has requested a tariff increase of Rs2.53 per unit for May and Rs2.92 per unit for June.

    This proposed hike, if sanctioned during NEPRA’s hearing on 30th July, would impose an additional Rs10 billion burden on consumers.

    This request follows the government’s recent decision to raise the base tariff for domestic consumers by up to Rs48.84 per unit, coupled with increases in the petroleum levy and new taxes on agricultural income.

    According to a Power Division notification, the hike in electricity prices will also affect Karachi consumers. However, those consuming up to 200 units per month will be exempt from the increase for three months.

    NEPRA recently approved the federal government’s application to raise electricity tariffs for domestic, commercial, general services, bulk, and agricultural consumers.

    On 5th July, NEPRA had sanctioned an Rs3.3287 per unit increase in electricity prices for May 2024 due to the monthly FCA, although this did not apply to K-Electric consumers.

    Additionally, the federal cabinet has approved increases in the base tariff by Rs8.04 for commercial consumers, Rs6.62 for agricultural consumers, Rs6.96 for general services, and Rs5.96 for bulk consumers.

    As a result, the base tariff has risen to Rs46.83 per unit for agricultural consumers and Rs61.03 per unit for general services. Bulk consumers will now pay Rs59.96 per unit following an increase of Rs5.51 per unit. The base tariff for industrial consumers remains unchanged.

  • Weekly inflation rises with tomato prices up 27.14%, chicken 11.75%

    Weekly inflation rises with tomato prices up 27.14%, chicken 11.75%

    The Weekly Sensitive Price Indicator (SPI) for the Combined Group saw a 1.3 per cent week-over-week increase during the week ending June 13, 2024, according to data released by the Pakistan Bureau of Statistics (PBS).

    The SPI also showed a significant year-over-year rise of 23.03 per cent compared to the same period last year.

    The Combined Index reached 313.93, up from 309.91 the previous week, and significantly higher than the 255.17 recorded a year ago.

    During the week, out of 51 monitored items, prices of 19 items (37.26 per cent) increased, 8 items (15.68 per cent) decreased, and 24 items (47.06 per cent) remained stable.

    Major price increases were observed in tomatoes (27.14 per cent), chicken (11.75 per cent), electricity for Q1 (8.73 per cent), pulse gram (7.19 per cent), and LPG (6.14 per cent). On the other hand, notable price decreases were recorded in onions (5.00 per cent), chilies powder (1.95 per cent), rice basmati broken (1.65 per cent), garlic (1.32 per cent), and rice IRRI (1.08 per cent).

    The SPI percentage change by income groups indicated increases across all quantiles, ranging from 1.01 per cent to 1.31 per cent on a weekly basis. The lowest income group experienced a rise of 1.01 per cent, while the highest income group saw an increase of 1.29 per cent.

    Yearly analysis of SPI changes across different income segments showed increases ranging between 16.29 per cent and 26.07 per cent. These statistics highlight the varying impact of price changes on different income groups, reflecting broader economic trends and inflationary pressures within the country.

  • Govt keeps petrol price unchanged at Rs279.75 per litre

    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.

    Petrol price in Pakistan from March 16, 2024
  • 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 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, 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.

  • 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.

  • Petrol price reduced by Rs8 to Rs323.38 per litre for two weeks

    Petrol price reduced by Rs8 to Rs323.38 per litre for two weeks

    In a noteworthy development aimed at alleviating concerns over inflation, the interim government has decided to implement a reduction in the prices of petroleum products for the upcoming two weeks.  

    As of October 1, 2023, the price of petrol will see a substantial decrease of Rs8 per litre, resulting in a new rate of Rs323.38. Additionally, a price reduction of Rs11 per litre has been announced for diesel, bringing the revised rate to Rs318.18 per litre. 

    This decision has been prompted by the strengthening of the Pakistani rupee and a global decrease in petroleum prices, as indicated by the Ministry of Finance in an official statement.  

    The Ministry stated, “In the wake of variations in international prices of petroleum products and the improvement in the exchange rate, the Government of Pakistan has decided to revise the consumer prices of petroleum products.” 

    Furthermore, the government has taken steps to lower the cost of kerosene oil by Rs7.53 per litre, establishing a new rate of 237.28, while light diesel oil will witness a reduction of Rs7.77 per litre, resulting in a price of 212.45 per litre. 

  • ‘Laggay raho bhai’: Yet another petrol hike has celebrities completely speechless

    ‘Laggay raho bhai’: Yet another petrol hike has celebrities completely speechless

    Friday’s petrol price hike has completely shocked social media. The Ministry of Finance said on X (formerly Twitter) announced that the cost of petrol has risen by Rs 26.02 per litre, coming to Rs331.38 per litre, while high-speed diesel (HSD) saw a hike of Rs17.34 per litre, settling at Rs329.18 per litre.

    Social media users were enraged at the constant price hikes, and celebrities were no exception.

    Singer and actor Ahmed Ali Butt slammed how the public was more concerned with the price of the upcoming iPhone 15 than they were with the ongoing petrol price hike.

    “As a nation we have lost all will to fight against this inflation which is due to corruption and bad economic policies,” he shared on Instagram.

    Veteran comedian and actor Sohail Ahmed took to X, formerly Twitter, to request current government to stop implementing policies that are exploiting common folks.

    Screenwriter Khalil-ul-Rehman Qamar asked all Pakistanis to pray during these difficult times.

    Maybe is mushkil waqt mein thora humor hi chal jata hai? Rabya Kulsoom joked that before any Pakistani, it was the petrol price that reached to the moon!