Tag: petrol prices

  • No plan proposed to raise petrol prices at pre-budget seminar, clarifies Miftah

    No plan proposed to raise petrol prices at pre-budget seminar, clarifies Miftah

    After a tremendous increase of Rs60 in less than a month, Finance Minister Miftah Ismail announced Tuesday that the price of petroleum goods in the country would rise even more.

    Ismail mentioned in his statement at the one-day pre-budget business conference that if the government had followed ex-prime minister Imran Khan and former finance minister Shaukat Tarin’s contract with the International Monetary Fund (IMF), petrol would have cost Rs300 per liter.

    “The previous government had agreed with the IMF that they would not give subsidies,” the finance minister said, lashing out at the Khan-led government for messing up the economic policies of the country.

    Furthermore, The News reports that the government cannot simply withdraw subsidies without also imposing taxes on petroleum items.

    “The IMF has asked for 100 per cent withdrawal of subsidy on POL products. Once the subsidy is over, then the government will have to impose taxes and petroleum levy,” the publication reported, adding that there is still a subsidy of Rs9.32 per liter on petrol and Rs23.05 per liter on diesel.

    The finance minister had ruled out the potential of a financial emergency in the country the day before, as the government took efforts to address the country’s continued economic upheaval.

    No petrol hike discussed at the pre-budget meeting

    UPDATE: Miftah Ismail, on the other hand, has clarified that he never mentioned a hike in petroleum prices during the pre-budget meeting, despite the fact that social media and known channels have been swamped with headlines of yet another hike, with several netizens sharing images of folks rushing to petrol pumps yet again. “Channels running these tickers are doing a disservice to their viewers,” said the Finance Minister.

    “In the pre-budget seminar I never even spoke about petroleum prices. Channels running these tickers are doing a disservice to their viewers. There will be no increase in prices today and there is no summary or plan to raise prices,” he tweeted.

  • Petrol quota for ministers, govt officials in Sindh lowered by 40 per cent

    Petrol quota for ministers, govt officials in Sindh lowered by 40 per cent

    Sindh Chief Minister (CM) Murad Ali Shah lowered the petrol allotment of ministers and government officials by 40 per cent this week as part of his moderation campaign following another spike in petroleum prices.

    Keeping in view a substantial spike in POL prices within the last few days, the decision was made to limit spending and decrease the strain on the national kitty.

    “The rise in petrol price should not be a burden on the exchequer,” Sindh CM Murad Ali Shah said, increasing the treasury’s load entails intensifying the burden on individuals.

    To meet the International Monetary Fund’s (IMF) conditions, the government has unleashed another big gasoline bomb on the country after another hike of Rs30. In less than a month, the price of petrol has risen by Rs60 to Rs209.86.

    The latest petrol price hike came just hours after the National Electric Power Regulatory Authority (NEPRA) approved a power tariff hike of Rs7.91 per unit.

    The price hike sparked riots in Karachi, with protesters wrecking a petrol pump and torching tyres on University Road. Despite expressing their dissatisfaction with the situation, the general public has requested that the government tightens its belt instead of putting the weight on the populace.

    Senator Mustafa Nawaz Khokar, a top PPP lawmaker, also shared this attitude, suggesting a 50 per cent wage cut for politicians, generals, judges, and senior bureaucrats.

    “Why should common folk shoulder the failures of the political, military and judicial elite? This joke has to end”.

    If the average citizen is compelled to narrow his belt, Khokar believes that politicians, generals, judges, and top bureaucrats’ income should be halved and all amenities, including free utilities, should be removed.

    The administration warned on June 2 that it would raise fuel prices by Rs30 for the second time in ten days, as an attempt to obtain the remaining funds from IMF.

  • PM rules out the removal of fuel, energy subsidies ahead of talks with IMF: Miftah Ismail

    PM rules out the removal of fuel, energy subsidies ahead of talks with IMF: Miftah Ismail

    Finance Minister Miftah Ismail has once again said the government doesn’t plan to increase the prices of petroleum products. Talking to the media at the Karachi airport, he said that Prime Minister (PM) Shehbaz Sharif and Pakistan Muslim League-Nawaz (PML-N) supremo Nawaz Sharif had ruled out the possibility of ending the subsidies.

    “It will not happen. I have refused. Shehbaz Sharif sahib has refused. Nawaz Sharif sahib has refused,” said Ismail. “I am assuring you that I will not agree to [the terms] that Shaukat Tarin agreed to.”

    He said that according to the deal finalised by former finance minister Shaukat Tarin, Pakistan would have to raise the price of diesel by over Rs150 and petrol by Rs100.

    Miftah said that Imran Khan took a loan of Rs20,000 billion, which is 80% of the entire amount of loans taken in 71 years of Pakistan’s history.

    He further stated that former planning and development minister Asad Umar caused Pakistan a loss of 9.1%, which was a record loss in 52 years.

    “Pakistan exported wheat when we [PML-N] left the government but today the country is importing wheat,” Miftah said.

    A team comprising State Bank of Pakistan and Federal Board of Revenue officials, as well as Minister of State for Finance and Revenue Dr Aisha Ghous Pasha and the finance secretary, are already in Doha to negotiate with the IMF.

    The talks began on May 18. At the time, Ismail had told the IMF that the government understood the current economic crisis and agreed that it would have to take “tough decisions” while mitigating the effects of inflation on middle to low-income groups.

  • ‘Dissolving assemblies is not the solution’: Shahid Khaqan

    ‘Dissolving assemblies is not the solution’: Shahid Khaqan

    Pakistan Muslim League-Nawaz (PML-N) leader and former Prime Minister (PM) Shahid Khaqan Abbasi has said that dissolving assemblies is not the solution to the current economic crisis in the country.

    Speaking outside the National Accountability Bureau (NAB) office in Islamabad, he said, “The government is working hard to get the situation under control” and urged that political parties should sit together to derive a solution.

    Khaqan said that the decisions need the support of institutions and the people because Pakistan is everyone’s responsibility.

    “Our country has always had unconstitutional intervention in politics. That intervention also plays a role in getting us where we are today,” he added.

    “This destruction started four years ago when the PTI government came to power,” he claimed. “Today, Imran Khan is the sole person responsible for the economic turmoil in Pakistan. You cannot expect a government to immediately fix things that he spoiled.”

    The PML-N leader’s statement has come when the dollar rate is at its peak. This spell of the dollar’s persistent rise against the rupee began last week.

    Earlier, it was reported that government would either dissolve the assemblies or increase the petrol prices in the upcoming days.

    It was said that if the government does not increase the fuel prices Pakistan may face a much worse situation than what is happening in Sri Lanka.

  • PM Shehbaz rejects OGRA’s proposal, petrol price to remain unchanged till April 30

    PM Shehbaz rejects OGRA’s proposal, petrol price to remain unchanged till April 30

    Pakistan’s new Prime Minister (PM) Shehbaz Sharif on Friday dismissed the proposal from the Oil and Gas Regulatory Authority (OGRA) to raise the price of petroleum products for the fortnight. The recent decision is aimed at providing relief to the public affected by inflation.

    It is worth noting that the present government’s choice to maintain the same prices will oblige it to provide another substantial subsidy till the end of April 2022.

    Earlier, OGRA suggested to the Finance Division that the price of petrol be increased by Rs21.50 and that of diesel be hiked by Rs51.30 in view of the current petroleum levy and general sales tax (GST).

    Read more: Massive hike of Rs83.5 for petrol, Rs119 for diesel proposed by OGRA

    The authority also proposed a hike of Rs83.50 per liter of petrol and Rs119.88 per liter of diesel considering the federal government’s recommended petroleum levy of Rs30 and 17 per cent GST, as per the official statement.

  • Massive hike of Rs83.5 for petrol, Rs119 for diesel proposed by OGRA

    Massive hike of Rs83.5 for petrol, Rs119 for diesel proposed by OGRA

    The Oil and Gas Regulatory Authority (OGRA) suggested the federal government elevate fuel prices by up to Rs83.5 per liter for petrol and Rs119 for diesel.

    A summary to the petroleum division was presented by OGRA for the huge increase in petroleum rates to come into effect on April 16 in Pakistan.

    The proposed raise was calculated using a 70 per cent GST rate plus a Rs30 per liter levy. It is worth noting that the current duty on fuel and diesel is Rs30 per liter, plus 17 per cent GST.

    On the basis of complete levy and taxes, the body has recommended raising petrol prices by Rs83.5 per liter, while diesel prices should be raised by Rs119 per liter.

    According to reports, the OGRA proposed raising the petrol price to Rs21.53 per liter in line with the current tax rate, Rs51.3 for diesel, and Rs77.56 for kerosine oil on the grounds of full tax and levy.

    Read more: Gold prices go up by Rs350 per tola to Rs130,300

    Concerning other oil products, a full tax rate and levy hike of Rs77.31 was suggested for light diesel, Rs36.5 for kerosine oil, and Rs38.89 for light diesel. According to sources, the finance ministry would make the final decision on the OGRA summary after briefing Prime Minister Shehbaz Sharif.

  • Oil companies warn govt of fuel shortage in Pakistan

    Oil companies warn govt of fuel shortage in Pakistan

    Oil marketing companies and refineries have reportedly expressed serious concerns and warned of a fuel crisis in the country after the government’s announcement of a relief package, according to Geo News.

    In a meeting between Oil and Gas Regulatory Authority (OGRA) and the petroleum division, several questions have been raised regarding petroleum prices. They argued that how can they sell petroleum products at cheaper prices when they are buying them at an expensive rate from the international market. They asked, “who will pay the price difference?”

    According to the secretary of petroleum, the government is preparing a price adjustment mechanism and the government will pay later. Till then, oil marketing companies and refineries should bear the price difference.

    In response to this, oil marketing companies and refineries said that the situation doesn’t seem to be sustainable as the country can face an interruption in the supply of petroleum products.

    Prime Minister (PM) Imran Khan, in an announcement on Monday, said that the government has slashed petrol, diesel prices by Rs10 per litre and electricity prices by Rs5 per unit as part of a series of measures to bring some relief to the public. He also promised that the government will not increase the prices of these commodities till the next budget, which will be announced in June.

  • ‘Ghaari ki bajaye ghorro pe safar’: Arslan Naseer, Noor Bukhari take a jibe at PM Khan over petrol prices

    ‘Ghaari ki bajaye ghorro pe safar’: Arslan Naseer, Noor Bukhari take a jibe at PM Khan over petrol prices

    The ruling government has increased the price of petrol by Rs12.03/litre, diesel Rs9.53/litre, kerosene Rs10.08/litre and light diesel oil (LDO) by 9.43/litre. The new rates will be effective from today (February 16) and will be revised at the end of the month.

    As per the press release issued by the Government of Pakistan’s Finance Division, the prime minister has considered the recommendation to increase the prices of petroleum products in line with changes in the international oil prices.

    The previous price of petrol was Rs147.83 per litre.

    Actress Noor Bukhari took to her Instagram stories to take a dig on the government due to the increased prices of petrol in the country. She jokingly said that we should start investing on cartwheels.

    The Chupke Chupke star Arslan Naseer also commented on the same.

    Earlier Arsalan took a jibe at PM Imran Khan’s government for his taxation policies especially in regards to Iphone 13.

    He took to his twitter handle to share his stance on the matter.

    Want to buy the new iPhone? Think again because the new Pakistan tax is shocking

    A government source has informed The Current that phones from abroad are now being subjected to 17% sales tax instead of a fixed sales tax. The total tax will also include customs tax.

    Earlier, the fixed sales tax on the iPhone13 Pro max was Rs. 10,000 but if you now calculate a 17 per cent tax on 305068.94 PKR in our case, the tax will be 51,861.7198. The customs tax is Rs 34,000 on the iPhone.

    If you now want to buy an iPhone 13 Pro max in Pakistan, the total tax will be 51,861.7198+34,000=85,861.17 for the high end iPhone.

    If you have a passport on which you came back with the phone, it will cost you a little less, 51,861.7198+26,000=77,861.7198.

    Government sources while talking to The Current said, “If a person can afford a phone worth almost 300k, then he can pay 78k too. These phones have inelastic demands.”

    “Most smartphones sold in Pakistan (more than 80%) and mid category (between $150-200). 70% of these are now made in Pakistan and have very little tax on them. The ones in the range that are imported have a tax of around Rs 5-8k on them,” the source added.

  • ‘Imran Khan the standard you want to set for Bushra Bibi, apply the same for all women’: Maryam Nawaz

    ‘Imran Khan the standard you want to set for Bushra Bibi, apply the same for all women’: Maryam Nawaz

    Pakistan Muslim League-Nawaz (PML-N) Vice President Maryam Nawaz, in a fiery press conference, fiercely criticised Prime Minister (PM) Imran Khan.

    “Yes, your [PM Khan] wife [Bushra Bibi] is of respect to us. The standard you want to set for your wife, the same standards should have been there for the deceased Kalsoom Nawaz [wife of PML-N supremo Nawaz Sharif]. When I used to go to check on my mother from our London apartment to the hospital, three to four Pakistan Tehreek-e-Insaf (PTI) workers used to abuse me. When my son Junaid used to leave, they used to abuse his mother,” said Maryam Nawaz.

    She alleged that some PTI activists had barged into the hospital just to take pictures of an ailing Kulsoom.

    “The standard you set for your wife, apply the same for every woman,” added the PML-N leader.

    “I was innocent and you put me in the death cell. You did the character assassination of a daughter in front of her father. When I was in Gilgit Baltistan and running my political campaign in Azad Jammu and Kashmir, you did not have an answer to my political criticism. So your minister on record hurled below the belt criticism towards me.”

    “I want to request the media to play the footage of the speeches of the PTI ministers where they have made personal attacks against me. Imran Khan Sahib used to praise them for making such comments, clap at them. I too am someone’s daughter. What you have done with Asma Shirazi, Gharidah Farooqi, and Sana Bucha, the country has not forgotten it.”

    “Have the guts to take criticism,” reiterated Maryam.

    Responding to the arrest of journalist Mohsin Baig by the Federal Investigation Agency (FIA), who is accused of initiating a debate on a television show with obscene references towards PM Imran Khan and Minister for Communication Murad Saeed, Maryam said, ” When Mohsin Saab was with you [Imran Khan], helped you with your political matters, at that time he was very nice. And now that he is criticising you, you should have had the guts to take the criticism. You used FIA against him. I feel sorry for your mental condition Imran Khan Saab.”

    “People are cursing you for the price hike and increase in the petrol prices,” said Maryam, adding, “People don’t have fuel. The people of Pakistan do not travel on government-provided vehicles.”

    “I agree that you [PM Khan] are not eligible, and do not have the qualification but I wish you had a heart which was kind. You have used the hard-earned money of the people of Pakistan just to settle your score with your opponents,” said the PML-N leader.

    “You have made FIA, National Accountability Bureau (NAB) a part of your politics to settle scores with your opponents. Despite the fact that you are a liar and fake, you are sitting on the seat of a prime minister of the country, you should have spent all your time serving the people of Pakistan, instead you utilised all your energy to take revenge on the Opposition,” said Maryam.

    Talking to reporters after appearing at the Islamabad High Court in the Avenfield Apartments case, Maryam was asked if Shehbaz Sharif would resign as PML-N president if the “no-confidence gamble” failed.

    Maryam responded that she was hopeful of the move’s success “because Imran is on his last legs and it’s a risk that should be taken”, adding that the messages sent by her party to disgruntled lawmakers were also applicable to the PML-N itself.

    She did not elaborate on who she was referring to as “disgruntled” lawmakers or what messages were sent to them.

    “If the opposition does not take a united stand here then we will be blamed for it. It’s ultimately the public that we have to go back to at the time of elections.”

    Responding to a question on whether she supported another extension for the army chief, Maryam said “it’s a premature question and we don’t have any details before us”.

  • Petrol price likely to go up by Rs13 today, price at Rs160 per litre

    Petrol price likely to go up by Rs13 today, price at Rs160 per litre

    Petroleum prices are expected to increase across Pakistan from today (Tuesday) in the wake of Russia-Ukraine hostilities, reports Geo News.

    The price of petrol and fuel are likely to increase by Rs13 per litre and diesel by Rs18 per litre. The current price of petrol is Rs147.83 per litre, the price of High-Speed Diesel (HSD) stands at Rs144.62 and Light Diesel Oil (LDO) at Rs114.54 per litre.

    According to Reuters, oil prices jumped to a seven-year high on Monday when the United States (US) warned that Russia could soon invade Ukraine.

    Russia is one of the world’s largest oil and gas producers, and fear that Russia could invade Ukraine has driven the rally in oil closer to $100 per barrel, a level not seen since 2014.

    However, no official notification by the government has been released yet.

    Last month, Prime Minister (PM) Imran Khan rejected the summary of increasing prices of petroleum products in the public interest.