Tag: petrol price in pakistan

  • 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.

  • Govt may reduce petrol price by over Rs12 per litre this week

    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.

  • 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.

  • 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 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.

  • Govt reduces petrol price by Rs8 to Rs259.34 per litre for next fortnight

    Govt reduces petrol price by Rs8 to Rs259.34 per litre for next fortnight

    In a significant move, the caretaker government announced a substantial reduction in the price of petrol by Rs8 per litre for the upcoming fortnight, effective January 16.

    This decision, as conveyed in a notification issued today by the Finance Division, aligns with the recommendations put forth by the Oil and Gas Regulatory Authority (OGRA).

    The adjusted ex-depot price of petrol now stands at Rs259.34 per litre, reflecting a notable decrease from the previous rate of Rs267.34 per litre.

    However, it is important to note that there have been no alterations in the prices of high-speed diesel, light-diesel oil, or kerosene oil.

    The government has already reached the maximum permissible limit under the law, with a Rs60 per litre petroleum levy imposed on both petrol and high-speed diesel (HSD).

    This levy is in line with the commitments made to the International Monetary Fund (IMF), aiming to collect Rs869 billion during the current fiscal year.

    Optimistically, the government anticipates surpassing this target, with the collection expected to exceed Rs950 billion by the end of June.

    Petroleum and electricity prices have been identified as key contributors to inflation, which surged to 29.7 per cent in December, as indicated by the Consumer Price Index.

    Presently, the government imposes a tax of approximately Rs82 per litre on both petrol and HSD.

    This adjustment in petrol prices not only provides relief to consumers but also marks a strategic step by the caretaker government to manage fiscal targets while considering the economic impact on the general population.

    The move is anticipated to have ripple effects on inflation rates, offering a temporary respite from the cost of living for the common citizen.

  • 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 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.