Tag: Rupee Exchange Rate

  • 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.

  • Federal ministers predict petrol price reduction, oil authority cautions against speculation

    Federal ministers predict petrol price reduction, oil authority cautions against speculation

    The Oil and Gas Regulatory Authority (OGRA) has cautioned against engaging in speculative discussions regarding the future pricing of petroleum products. This advisory comes in response to recent statements made by federal ministers suggesting potential reductions in Petroleum Oil and Lubricants (POL) rates during the upcoming fortnightly review.

    Caretaker Federal Commerce and Industries Minister Gohar Ejaz and Interim Federal Minister for Information and Broadcasting Murtaza Solangi had asserted last week that POL prices might see a decrease, attributing this possibility to the strengthening of the Pakistani rupee against the US dollar.

    Over the past two weeks, the rupee has appreciated by approximately Rs16 against the dollar, prompting these statements. It’s important to note that Pakistan, as a petroleum importer, conducts its transactions in US dollars.

    In the preceding fortnightly review, the caretaker government had substantially raised the prices of petrol and diesel, setting historic highs at Rs331.38 and Rs329.18 per litre, respectively.

    In light of the ministers’ remarks, OGRA has released a statement reiterating the importance of refraining from speculative discourse concerning petroleum product prices. The regulatory authority clarified that these prices in Pakistan are primarily influenced by international market rates and the prevailing dollar-to-ruble exchange rate.

    OGRA pointed out that recent times have witnessed an upsurge in global petroleum prices, while the rupee has demonstrated an improvement against the dollar. However, OGRA emphasised that there is still one week remaining before the announcement of the new pricing structure.

    The statement from OGRA further underscores that any conjecture regarding price fluctuations during this interim period is highly speculative and could potentially disrupt the efficient functioning of the petroleum supply chain.