Tag: petrol price reduction

  • 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 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 reduced by Rs10.2, diesel by Rs2.33 per litre

    Petrol price reduced by Rs10.2, diesel by Rs2.33 per litre

    The government has announced a reduction in the prices of petrol and high-speed diesel (HSD) by Rs10.2 and Rs2.33 per litre, respectively, for the upcoming fortnight. 

    In a notification, the Ministry of Finance stated that the prices of petroleum products have exhibited a mixed trend in the international market over the past two weeks. The Oil and Gas Regulatory Authority (Ogra) calculated the new consumer prices based on these international market fluctuations.

    The revised prices set petrol at Rs258.16 per litre and HSD at Rs267.89 per litre. 

    The Prime Minister’s Office described the reduction as a gift from the premier in anticipation of the upcoming Eidul Azha. 

    Sources previously indicated that the government intended to pass the benefits of lower international prices on to consumers. 

    Over the past two weeks, the prices of petrol and HSD in the international market decreased by approximately $3.75 and $2.7 per barrel, respectively. This follows a significant drop of about $12 per barrel for petrol and $8 per barrel for HSD over the prior month.

    The international price of petrol has decreased to just over $90 per barrel from about $94 per barrel, while the price of HSD has fallen to $95 per barrel from $98 per barrel.

  • 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.