Tag: petrol price today

  • 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 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.

  • 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 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.