Tag: petrol price in pakistan

  • Petrol, diesel prices reduced for next fortnight

    Petrol, diesel prices reduced for next fortnight

    The federal government has unexpectedly reduced the price of petrol by Rs2.07 per litre.

    As per the official notification, the price of petrol in Pakistan will now remain at Rs247.03 per litre for the next two weeks.

    According to PTV News, the price of high-speed diesel (HSD) was decreased by Rs3.40 to Rs246.29 per litre.

    The price of light diesel oil is slashed by Rs1.03 to Rs140.90, and Kerosene oil by Rs3.57 to Rs154.90 per litre.

    In the previous fortnightly review, the petrol price was reduced by Rs10 per litre to Rs249.10. Hi-octane fuel, before the latest revision, was being sold approximately Rs17 per litre higher than the price of regular petrol in the country.

    Petrol pumps will start selling fuel at revised rates after 12 AM.

    This is a developing story…

  • Petrol, diesel prices likely to be reduced by more than Rs10 per litre for next fortnight

    Petrol, diesel prices likely to be reduced by more than Rs10 per litre for next fortnight

    The government is expected to cut petrol and diesel prices in less than two days, following a decrease in international oil rates.

    There is a high chance that the petrol price in Pakistan will be reduced by more than Rs10 per litre on September 16, while the diesel price is also expected to be slashed by up to Rs12 per litre for the upcoming fortnight.

    Recent reports also suggest that there is little to no chance the government will consider increasing the petroleum levy because if levy is raised, petrol and diesel prices may witness a very slight decrease of Rs6 per litre or even less.

    The adjustment in petroleum prices will be decided after analysing the economic factors and the latest international oil rates at the time of announcement.

    The price of petrol in Pakistan, according to reliable sources, may drop to Rs247.60 per litre, while diesel is likely to be priced at Rs251.75 after the anticipated cut.

    The final decision regarding the reduction in petrol and diesel prices will be announced tomorrow through an official notification and the revised rates will be effective from September 16.

    Read more: Another record high in three days: Gold price reaches Rs265,900 per tola

  • 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.

  • Govt cuts petrol price by Rs8.47 per litre ahead of schedule

    Govt cuts petrol price by Rs8.47 per litre ahead of schedule

    The government has unexpectedly reduced petroleum prices ahead of the scheduled review date of August 16.

    For the remainder of the month, petrol prices have been cut by Rs8.47 per litre, largely due to a decline in global fuel prices.

    The new petrol price is Rs260.96 per litre, down from Rs269.43. In addition, the price of high-speed diesel (HSD) has been reduced from Rs272.77 to Rs266.07, a decrease of Rs6.70 per litre.

    The announcement was made by the Ministry of Information on Tuesday.

    While some may view this as a positive development, the reduction may not provide significant relief, as petrol remains above Rs260 per litre.

    However, it could help some individuals save a small amount and slightly reduce their daily commuting expenses.

  • Petrol price may be reduced by more than Rs10 per litre this week

    Petrol price may be reduced by more than Rs10 per litre this week

    Pakistan may experience a notable drop in fuel prices in the near future, with reductions of up to Rs12 per litre anticipated for various petroleum products, according to industry sources.

    Initial estimates indicate that the price of petrol could fall by more than Rs9 per litre, while high-speed diesel (HSD) might see a decrease of up to Rs8.50 per litre. Kerosene oil is also expected to become more affordable, with potential price cuts exceeding Rs12 per litre.

    The Oil and Gas Regulatory Authority (OGRA) is expected to finalise these pricing adjustments and submit its recommendations to the government by August 15. Finance Minister Muhammad Aurangzeb, in consultation with Prime Minister Shehbaz Sharif, will make the final decision on the new fuel prices.

    If approved, these reductions could offer significant relief to consumers grappling with high inflation and increasing living costs throughout the country. Further updates are anticipated following OGRA’s report submission.

  • Govt announces minor Rs6.17 per litre reduction in petrol price for next two weeks

    Govt announces minor Rs6.17 per litre reduction in petrol price for next two weeks

    In a recent development, the government has decreed a modest reduction in petrol price for the first two weeks of August 2024. The announcement, issued by the Oil and Gas Regulatory Authority (Ogra), reflects adjustments based on fluctuations in international oil prices and exchange rates.

    With Prime Minister Shehbaz Sharif’s approval, the petrol price has been lowered by Rs6.17 per litre, bringing the new rate to Rs269.60, down from Rs275.60.

    Similarly, the price of high-speed diesel (HSD) will decrease by Rs10.86 per litre, settling at Rs272.77, from its previous rate of Rs283.63.

    Kerosene oil has also seen a reduction, with its price falling by Rs6.32 per litre to Rs177.39, down from Rs183.71.

    Additionally, light diesel oil (LDO) will now be available at Rs160.53 per litre, a decrease of Rs5.72 from the existing rate of Rs166.25.

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

    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.

  • Temporary relief ends as govt raises petrol price by Rs7.45 to Rs265.61 per litre

    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).

  • Govt expected to reduce petrol price again for second half of June

    Govt expected to reduce petrol price again for second half of June

    The government is expected to reduce petrol price by an additional Rs9 per liter for the latter half of June 2024, offering some relief to the public amidst soaring inflation.

    This anticipated reduction marks the fourth consecutive decrease, accumulating to a total relief of over Rs34 per litre.

    In tandem with the petrol price cut, the government is also likely to lower the price of high-speed diesel (HSD) by approximately Rs5 per liter, reflecting the downturn in international market prices.

    It is important to highlight that one more session remains before the final pricing update, which means that the exact figures will depend on fluctuations in global markets and the prevailing exchange rate.

    The new prices will be officially announced at midnight on 15th June 2024 and will be effective for the subsequent 15 days.

    In the most recent fortnightly adjustment, the government had reduced petrol and HSD prices for the third consecutive time by Rs4.74 and Rs3.86 respectively, bringing their prices to Rs268.36 and Rs270.22 per liter.

    This series of price reductions aims to provide some economic respite to consumers amid a challenging economic environment.

  • 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.