Tag: Petroleum prices

  • 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.

  • Petrol, diesel prices set to increase again by Rs10 in February

    Petrol, diesel prices set to increase again by Rs10 in February

    The government is likely to increase the prices of petroleum products by Rs10 for the next month in line with the rising rates in the international market, according to Geo News’ sources.

    The price of petrol will move up by Rs7 per litre while the rate of diesel will increase by Rs10 per litre. The existing price of petrol is Rs147.83 and diesel costs around Rs144.

    However, the official announcement is yet to be made but as per the news outlet, the final decision will be made on January 30.

    Previously, an increase of Rs3 in petroleum products was implemented on January 16.

    Despite growing inflation in the country, for the ease of public, the government has planned to launch Ehsaas Petrol Cards for motorcyclists to enable them to buy petrol at a subsidised rate.

  • Petrol strike called off after successful talks

    Petrol strike called off after successful talks

    The Pakistan Petroleum Dealers Association (PPDA) has called off a countrywide petrol strike after successful talks between the Ministry of Energy and the association.

    The government has agreed to increase the margin by Rs0.99 paisa and assured the petroleum dealers that the profits will be reviewed every six months.

    In a tweet, the Minister of Energy Hammad Azhar announced, “The talks between the Govt and petroleum dealers association has led to the strike being called off. The government will notify 0.99 paisa increase in their margins after due approval from the cabinet as per the existing summary. After 6 months we will move to percentage system up to 4.4 per cent margin.”

    Petroleum Division officials said that a summary seeking a raise of Rs0.99 or 25 per cent increase in the margin has been sent, reports Geo News.

    According to the notification by PPDA, the margin for the petrol dealers after the suggested increase will rise to Rs4.90, while for the high-speed diesel, the margin will rise to Rs4.13 after the proposed hike of Rs0.83.

    On Wednesday, the association went on a strike which caused the closing of several petrol pumps across the country.

  • All petrol pumps will be closed, petroleum dealers announce strike on Nov 25

    The Pakistan Petroleum Dealers Association (PPDA) has announced a countrywide strike on November 25 for selling petrol “on low-profit margins”, reports The News.

    The association’s spokesperson said that all petrol pumps across the country, including Kashmir and Gilgit Baltistan, will remain closed on November 25 (Thursday).

    He said the strike could extend to an “unspecified period” if the government continues to ignore the association’s demands.

    According to him, “We have no other option but to go on strike as the government has failed to meet the November 17 deadline for the fulfilment of our demands.”

    Previously, the association had made a similar announcement for November 5 but withdrew after a team from the government agreed to increase margins on the sale of petroleum products by six per cent.

    However, there has been no progress ever since.

    PPDA Chairman Abdul Sami Khan said petroleum dealers have been in a difficult position due to the high cost of business and low margins. He said that the government guarantees a margin of only 2 per cent on sales of fuel oil in the face of rising electricity tariffs.

    “We demand the government to cancel our petrol pumps licences. Nearly 50 per cent of the petrol pumps will close down permanently with licence cancellation as no one will reapply for acquisition”.

    Earlier this month, the government had announced the rise of up to Rs 8.14 per litre of petroleum products.

  • Petroleum prices increased by up to Rs8.14 per litre

    Petroleum prices increased by up to Rs8.14 per litre

    The government increased the petroleum prices again by up to Rs 8.14 per litre early in the morning on Friday.

    For the first time in the country’s history, the prices of all the petroleum products are above Rs110 per litre, reported Dawn.

    The announcement was made by the Ministry of Finance on Friday with immediate effect to ensure the revival of the International Monetary Fund (IMF) programme.

    The government increased the price of petrol and high speed diesel by Rs 8.03 and Rs 8.14 per litre, respectively. Similarly, the prices of kerosene and light diesel oil were increased by Rs 6.27 and Rs 5.72 per litre, respectively.

    Under the notification, the new price of petrol is Rs145.82 per litre The price of High Speed Diesel (HSD) is now Rs142.62 per litre.

    The price of kerosene is set at Rs116.53 per litre. Likewise, the rate of light diesel oil (LDO) has increased to Rs114.07.

    The news came forward after Prime Minister (PM) Imran Khan’s announcement of the “biggest” relief package worth Rs120 billion. However, he cautioned that there will be an increase in fuel prices in the coming days.

  • Govt to automate petroleum sector for end to artificial shortages

    Govt to automate petroleum sector for end to artificial shortages

    The Petroleum Division has tasked energy and technology experts to carry out a technical assessment for the automation of the petroleum sector.

    With the help of technology, an automation system will be created that will record real-time data of petroleum products’ daily sales.

    The structured and organised real-time data will also help streamline the fuel supply countrywide which would make oil-sector self-sufficient, and save billions on its annual petroleum import bill.

    The government of Pakistan is working on a strategy to revamp the oil and gas sector of the country.

    The primary function is to supply uninterrupted fuel across Pakistan by recording daily sales of oil depots and petrol pumps along with increasing the technical and professional capacity of the Oil & Gas Regulatory Authority (OGRA).

    According to the officials of the Petroleum Division, they have drafted a bill that will legally bind oil depots and petrol pumps to allow the government to record daily sales once signed into law.

    Oil depots and petrol pumps will have no choice but to follow as in case of refusal, OGRA would be legally authorised to seal the disputing depots and pumps and cancel their licences.

    “The government will not approve the attitude of Oil Marketing Companies (OMCs) from now on and will put an end to the issue of artificial fuel shortage once and for all,” an official said.