Tag: price review

  • Petrol price slashed by Rs14 per litre, providing relief amidst inflation

    Petrol price slashed by Rs14 per litre, providing relief amidst inflation

    As announced in an official notification by the Finance Division, the revised prices for petroleum products, applicable from December 16 to December 31, have been endorsed by the Oil and Gas Regulatory Authority (OGRA).

    The recalibrated rates indicate a decline in petrol prices to Rs267.34 per litre, while the diesel rate has seen a reduction of Rs13.50 per litre, now standing at Rs276.21 per litre, according to the Finance Division’s official statement.

    Furthermore, the cost of kerosene oil has been curtailed by Rs10.14 per litre, settling at Rs191.02, and light diesel oil is now priced at Rs164.64 per litre following a reduction of Rs11.29.

    This adjustment comes in response to the notable decrease in global oil prices over the past two weeks, a factor contributing to the anticipation of a downward trend in fuel prices during the fortnightly review.

    It’s imperative to note that the government undertakes a bi-weekly reassessment of petroleum product prices, aligning them with international market dynamics and the exchange rate of the rupee. This latest revision reflects a proactive approach by the authorities to mitigate the economic impact on the general populace.

  • KIA car prices reduced by up to Rs500,000 in Pakistan

    KIA car prices reduced by up to Rs500,000 in Pakistan

    Lucky Motor Corporation (LMC) has announced a substantial reduction in the prices of its KIA vehicles, with savings of up to Rs500,000 for customers. This decision comes as a result of the recent strengthening of the Pakistani rupee (PKR) against the US dollar. 

    The company stated, ” Owing to the recent appreciation of PKR against the USD, we have decided to pass the benefit to our valued customers by reducing the prices of our vehicles.” 

    Among the models affected, the Sorento variants, including the 3.5L FWD, 2.4L AWD, and 2.4FWD, have seen the most significant price reductions, each receiving a cut of Rs500,000. Their new prices are now Rs11.29 million, Rs11.2 million, and Rs10.3 million, respectively. 

    It’s important to note that these reduced prices apply exclusively to customers choosing the full payment option.  

    KIA cars latest prices in Pakistan (effective October 6, 2023)

    Other KIA models have also seen price reductions, with the Sportage (Black Limited Edition) receiving a discount of Rs350,000, Sportage AWD/FWD models getting a reduction of Rs150,000, and the Picanto AT receiving a Rs100,000 price cut. 

    These new prices will come into effect on October 6, 2023. The company has clarified that any new or additional government-imposed duties and taxes applicable at the time of vehicle delivery will be the responsibility of the customer. 

    This price reduction is particularly significant in light of the recent challenges faced by the auto industry in Pakistan, which has experienced rising car prices due to the rupee’s previous depreciation against the US dollar.  

    However, the rupee has been steadily strengthening, with 21 consecutive sessions of improvement in the inter-bank market. This trend aligns with the caretaker government’s efforts to combat currency smuggling. 

  • Govt expected to reduce petrol price by Rs10 per litre in a pre-budget relief move

    Ahead of the much-anticipated federal budget for 2023-24, set to be announced on June 9, the government is planning to alleviate the burden of inflation by reducing the prices of petroleum products, according to industry officials.

    Starting from June 1, it is expected that the price of petrol will decrease by Rs10 per litre due to a decline in the ex-refinery price. Industry insiders have revealed that the ex-refinery price of petrol is projected to decrease by Rs10-12 over the next two weeks. However, due to exchange rate adjustments, the government will likely pass on relief of up to Rs10 per litre to consumers.

    Furthermore, industry officials have indicated that the ex-refinery price of diesel is showing a decline of Rs4-5 per litre in the next review. The government may incorporate this decrease during the upcoming fortnightly review, offering relief to diesel consumers.

    According to The News, in the previous price review, the government implemented a substantial reduction of Rs30 in the price of diesel. This resulted in a decrease from Rs288 to Rs258 per litre. Similarly, the price of petrol was slashed by Rs12, dropping from Rs282 to Rs270 per litre.

    These measures are aimed at mitigating the impact of rising prices on the general public and easing the financial burden faced by individuals as the government prepares to present the federal budget for the upcoming fiscal year.