Tag: PEtrol PRice

  • Which celebrity paid Rs100,000 electricity bill? Celebs share details of inflation affecting their budgets

    Which celebrity paid Rs100,000 electricity bill? Celebs share details of inflation affecting their budgets

    After protests and demonstrations broke out across Pakistan as petrol and electricity bill hikes took effect, celebrities are amplifying voices calling for the government to provide relief packages to the masses. Many big names of the industry are sharing how their expenses are spiking because of the excessive rates. A-listers like Maya Ali condemned rising prices and demanded for people in power to step out and help the underprivileged ones who couldn’t afford basic necessities.

    Actress and television host Nadia Khan shocked audiences when in a recent video, she asked prominent celebrities like Nida Yasir, Fiza Ali and Sadia Imam about how their household expenses are being recalculated with the on-going price hikes, and the results are astounding.

    Actress Sadia Imam said her previous electricity bill was RS 75,000, after which she decided to install a solar system at her house. The result, the actress elaborated, was that her bill was Rs 19,000 but after adding Rs 5000 tax it was Rs 26,000.

    Nida Yasir had the most shocking revelation in the video. She confessed that despite the fact that for half of the month their family was out of the country, her electricity bill was Rs 1 lac.

    Fizza Ali said her electricity bill this month was Rs 67,000, adding that in the previous month her electricity bill was even higher, but during this time the actress was on vacation in Dubai.

    Nadia Khan then revealed to her audience that last month during the time she was away from her home in Karachi and was in Thailand, her bill Rs 75,000.

    ‘It’s horrifying to think that we weren’t in our homes, and our bill was Rs 75,000. So what would be the amount this month?” the actress said.

    Watch the complete video here

  • Petrol price increased by Rs17.50 to Rs290.45 per litre

    Petrol price increased by Rs17.50 to Rs290.45 per litre

    The caretaker government has increased the petrol price by Rs17.50 to Rs290.45 per litre while diesel price has been increased by Rs20 to Rs293.40 per litre.

    The situation appears to be worsening for the already burdened population, who were already facing challenges in affording expensive petrol. Now, an additional financial strain is looming as they will be obligated to pay even higher prices.

    The Finance Division, addressing the recent developments, explained that the escalation of petroleum prices in the international market over the past two weeks has necessitated a revision in consumer prices within Pakistan. This decision has been made in response to the global market dynamics impacting local prices.

    This announcement follows a substantial price hike in fuel that was announced by the former Pakistan Democratic Movement (PDM)-led government on August 1.

    At that time, a significant increase of Rs19 per litre in the prices of both petrol and diesel was introduced. This move was attributed to the mounting global oil prices.

  • Petrol price likely to increase by Rs15 per litre after August 16

    Petrol price likely to increase by Rs15 per litre after August 16

    Starting August 16, petroleum products are expected to undergo a notable price hike. In particular, the price of petrol is projected to rise by Rs15 per litre, while diesel will likely see a steeper increase of Rs20 per litre.

    This surge in prices is attributed to a rise in global commodity rates. Recent reports indicate that the cost of crude oil has climbed by $5 per barrel, going from $86 to $91 per barrel. This increase is largely due to the elevated prices of petroleum products on the global market. Additionally, a separate premium charge of $2 per barrel has been applied to crude oil.

    Simultaneously, the international prices for both diesel and gasoline have also experienced a $5 surge, climbing from $97 per barrel to $102 per barrel.

    Should these prices remain unchanged, the anticipated effect on Pakistan’s fuel market would translate to a Rs15 per litre hike for petrol and a more substantial Rs20 per litre increase for diesel.

    In the context of the previous fortnightly review conducted by the outgoing government, a significant Rs19 per litre escalation in petrol and diesel prices had been announced. This decision was justified as being in alignment with the demands of the International Monetary Fund.

  • Govt increases levy on petrol to Rs55 per litre, maintains Rs50 levy on diesel

    Govt increases levy on petrol to Rs55 per litre, maintains Rs50 levy on diesel

    In a recent development, the government has decided to raise the petroleum development levy (PDL) on petrol in accordance with a staff-level agreement worth $3 billion signed with the International Monetary Fund (IMF).

    Starting from today, the PDL on petrol will be increased from Rs50 to Rs55 per litre, while there will be no change in the development levy on high-speed diesel (HSD), which remains at Rs50 per litre.

    The announcement was made by Finance Minister Ishaq Dar, who clarified that petrol prices would not be affected by this decision. However, diesel prices will see an increase of Rs7.50 for the next two weeks, with the new price becoming effective from July 1.

    Minister Dar emphasised this during a late-night press conference, ensuring that there would be no change in the price of petrol.

    To enable this adjustment, the government sought the power to amend the Petroleum Products (Petroleum Levy) Ordinance, 1961 (XXV of 1961) through the Finance Act 2023-24. This amendment grants the government the authority to increase the petroleum levy, eliminating the requirement for parliamentary approval to determine the maximum limit of the levy.

    According to The News, the Ministry of Finance shared with the Senate Standing Committee on Finance that the PDL has been set at Rs60 per litre, aiming to generate revenue of Rs879 billion in the upcoming fiscal year. This target surpasses the revised target of Rs542 billion for the previous financial year, which concluded on June 30, 2023.

  • Govt slashes petrol price by Rs3.05, raises diesel by Rs8.95 per litre

    Govt slashes petrol price by Rs3.05, raises diesel by Rs8.95 per litre

    Due to changes in oil prices on the global market, the government announced a revision in petroleum prices on Sunday.

    According to a statement released by the Finance Division, the cost of petrol has been reduced by Rs3.05 a litre for the first half of August 2022.

    Petrol will now be sold for Rs227.19 per litre as a result of the pricing revisions. Previously, the price of petrolin the country per litre was Rs230.34.

    The price of high-speed diesel has been upped by Rs8.95, the new price per litre is now Rs244.95.

    The depreciation of the rupee against US dollar has raised the cost of purchasing petroleum products, the Ministry of Energy notified the Economic Coordination Committee (ECC) of the cabinet today.

  • 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.

  • Petroleum prices may increase by Rs28.44 on Monday

    Petroleum prices may increase by Rs28.44 on Monday

    The Oil and Gas Regulatory Authority (OGRA) has calculated a price increase for petroleum products of up to Rs28.44 per litre that could go into effect on August 1.

    According to regulatory agency sources, the estimated ex-depot price of gasoline may increase by Rs6.53, high-speed diesel (HSD) by Rs28.44, kerosene oil (SKO) by Rs11.02, and light diesel oil (LDO) by Rs5.64 per litre based on the current rate of petroleum levy (PL).

    On Saturday (today), the Finance Division will move a summary calling for an increase in gasoline prices of up to approximately 11 per cent beginning August 1. The prime minister will, as usual, make the final choice in this matter.

    The cost of gasoline and HSD will also increase if the government decides to include the Rs7 per litre petroleum dealer’s per centage in the pricing structure. The Economic Coordination Committee (ECC) had earlier that day approved the petroleum dealers’ increased margin.

    The Petroleum Division had given the dealers assurances that the government would implement the margin as of August 1, 2022.

    According to these projected prices, the price of gasoline would increase from Rs230.24 to Rs236.77 per litre, the price of HSD from Rs236.00 to Rs264.44 per litre, the price of SKO from Rs196.45 to Rs207.47 per litre, and the price of LDO from Rs191.68 to Rs197.32 per litre.

    Presently, the PL on gasoline is Rs10 per litre, the PL on HSD, SKO, and LDO are each Rs5, and there is no sales tax.

    In order to reach the budgetary goal of Rs750 billion set in the Finance Bill 2022–23, the National Assembly has approved a rise in the maximum limit of PL from Rs30 per litre to Rs50 per litre.

    Read more: Petrol, diesel prices may increase by Rs10-17 per litre

    However, sources in the Petroleum Division believed that, at the current rate, the government was unlikely to collect Rs750 billion from PL in the current fiscal year, as that would only amount to a maximum of Rs14 billion per month.

    In addition, if the 17.5 per cent general sales tax (GST) is not imposed on these goods, a revenue shortfall of Rs45 billion per month is likely.

  • Petrol, diesel prices may increase by Rs10-17 per litre

    Petrol, diesel prices may increase by Rs10-17 per litre

    Despite the fact that the prices for petroleum products and crude oil have remained largely stable, the price of petrol and diesel may increase by Rs10 to Rs17 per litre as of August 1, 2022. The depreciation of the Pakistani rupee is anticipated to be the cause of the upcoming increase.

    According to The News, sources claim that without taking into account the petroleum levy (PL), a price increase of Rs10 for petrol and Rs16–17 for diesel has been estimated. Additionally, Mogas prices have been forecasted at Rs15 per litre and diesel at Rs23 per litre if the government increases the petroleum levy of Rs5 per litre on gasoline.

    The anticipated increase in POL prices has also been calculated without taking into account the ECC’s Thursday approval of an increase in dealers’ margins (DMs) on POL prices of Rs2.10 per litre for gasoline and Rs2.87 per litre for diesel to Rs7 per litre. Petrol’s price could increase by Rs2.10 to Rs17.10 per litre, and diesel’s price could increase by Rs2.87 to Rs25.87 per litre.

    The increase in dealers’ margin will take effect on August 1, 2022, if the federal cabinet approves this decision in the next two days. Industrial sources reported that the US dollar has increased in value by Rs40 so far this month.

    The current exchange rate against the US dollar is Rs239.9427, and the open market price is Rs246.15. However, they did say that the exact price of gasoline and diesel will depend on the exchange rate in force as of today (Friday).

    Since the price of crude oil as of Thursday settled at $99.4 per barrel, according to independent experts, Pakistani consumers won’t be able to benefit from the decrease in price of POL as a result of the rising exchange rate. The government seems more inclined to impose PL on both gasoline and diesel by Rs5 per litre each.

    Liquefied petroleum gas (LPG) costs also rose by Rs10 per kilogramme on Wednesday without an Oil and Gas Regulatory Authority notification (OGRA).

    The chairman of the LPG Distribution Association (LDAP), Irfan Khokhar, told Profit that a household cylinder now costs Rs2,750 after an increase of Rs150, while the cost of a commercial cylinder has increased by Rs450 to Rs10,438 as a result of the unannounced price increase.

  • No memes: Twitter is angry over another petrol price hike

    No memes: Twitter is angry over another petrol price hike

    The federal government increased the price of all petroleum products yesterday (June 15). This includes an increase of Rs24 per litre for petrol and Rs59.16 per litre for high-speed diesel (HSD). This is the third hike in petroleum prices in less than a month.

    Federal Minister for Finance and Revenue Miftah Ismail criticised the PTI government for reaching an erroneous agreement with the International Monetary Fund (IMF), which tied the incumbent’s hands and forced it to raise oil prices to get the economy back on track.

    Prime Minister Shehbaz Sharif tweeted, “Acutely aware of the impact that a fuel price hike causes. Govt is left with no choice but to raise the prices due to IMF deal that PTI govt signed.”

    Read more-Govt hikes price of diesel by Rs59, petrol by Rs24

    People on social media are expressing their anger and exasperation after the latest petrol bomb was dropped by the government.

    https://twitter.com/Noobiy12/status/1537272865426395136
    https://twitter.com/Zohadtweets/status/1537250462994407424