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Petroleum products

Petroleum prices hike for next fortnight

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Petroleum prices hike for next fortnight

Islamabad: The government has announced an increase in the prices of petroleum products for the next 15 days. According to the notification, the price of diesel has been raised by 10 rupees 39 paisa per liter, bringing its new price to 272 rupees 98 paisa per liter. Similarly, the price of petrol has been increased … Read more

Petroleum prices likely to decrease from Nov 1

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Govt Plans to Increase Petroleum Levy in Upcoming Budget

ISLAMABAD: The price of petroleum products is likely to drop from November 01 following decline in international oil prices.

According to official sources, there is a possibility of reduction in the price of petrol by Rs 3.29  and  in diesel by Rs 3.13 per liter which will be applicable for the next 15 days.

The fuel prices in the global market have decreased by $1.5 and $2.5 per barrel respectively in the last 15 days.

Earlier, the government had reduced IMEM by Rs 304 per liter on diesel and Rs 4.07 per liter on petrol from October 16, 2024.

The oil marketing companies had informed the Oil & Gas Regulatory Authority chairman about the huge financial loss in a letter.

The Oil Companies Advisory Council (OCAC) said that the government has deviated from the pricing formula this time and kept prices low since October 16. The custom duty on diesel has been reduced from Rs 1516 to Rs 13.26 per litre.

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Pakistan Railways increases rail fares by 5%

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Railways
  • Pakistan Railways has issued a notification.
  • Hike in fares will be for goods and express trains.
  • Fares have been increased due to e hike in prices fuel.

LAHORE: Pakistan Railway has once again increased the train fares by 5 percent, which will be effective from tomorrow( Tuesday).

According to the details, after the hike in the prices of petroleum products, Pakistan Railways has also increased the train fares.

Pakistan Railways has issued a notification according to which train fares have been increased by 5 percent, it will be applied from tomorrow.

The notification states that the increase in fares will be for all goods vehicles, express trains.

There will be no increase in the fares of shuttle, passenger trains running 250 km.

The railway administration thinks that the fares have been increased due to the hike in the prices of petroleum products.

According to railway sources, the fares were increased by 20 percent by the Ministry of Railways in the last one and a half months.

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LHC moved against recent hike in petroleum products

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LHC
  • Federal Govt, Ministry of Petroleum and OGRA made parties.
  •   The recent increase in prices will further increase inflation.
  • Cretaker government increased Rs 26.2 per liter on petrol.

LAHORE: A petition was filed in the Lahore High Court(LHC) against the recent increase in the prices of petroleum products.

Azhar Siddique, head of the Judicial Activism Panel, filed a plea in the Lahore High Court in which the federal government, the federal Ministry of Petroleum, and the Oil & Gas Regulatory Authority(OGRA) have been made parties.

It has been argued in the petition that the price of petroleum in the world market is low while in Pakistan it is continuously increasing while there is no mechanism determining the price of petroleum products in Pakistan.

The petitioner said that the recent increase in prices will further increase inflation as petrol is a basic need that cannot be kept away from the public in case of inflation.

Azhar Siddiq stated that increasing the price of petroleum products is tantamount to denying fundamental rights and violating the constitution, so the recent increase in the prices of petroleum products should be annulled by the court.

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Pakistan Railways increases fares of all passengers’ trains  

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Railways
  • The fares of all mail express trains increased by 10%.
  • Similarly,  fares of goods vehicles also increased by 5%.
  • The increase in fares will be apply from August 17.

LAHORE: Pakistan Railways has increased the fares of all passenger trains by 10% after the increase in the prices of petroleum products.

According to the notification issued by the Railway Headquarters, the fares of all mail express trains have been increased by 10% while the fares of goods vehicles have been increased by 5%.

According to the notification, the increase in fares will be apply from tomorrow, August 17.

According to the spokesperson of Railways, the increase in fares will also be apply on mail, express, inter-city, shuttle, passenger and freight trains.

Goods vehicle fares have also been increased by 5%, the new fares will be implemented from tomorrow.

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FPCCI strongly condemns massive hike in petroleum products

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Petrol Price in Pakistan
  • It will further fuel the inflationary pressures.
  • The government failed to listen to business community.
  • He questioned that how existing export orders can be met.

KARACHI: President Federation of Pakistan Chambers of Commerce & Industry (FPCCI) Irfan Iqbal Sheikh has strongly condemned the massive hike in petroleum products.

It will further fuel the inflationary pressures resulting in further increase in cost of living and cost of doing business – which is already the highest in the entire region, he added.

Irfan Iqbal Sheikh explained that he forewarned the government much before that they need to address the teething problems in the import of the Russian crude, i.e. handling of oil cargoes; adjustments required vis-à-vis refining processes and commercial transactional procedures to settle oil payments.

Nonetheless, the government failed to listen to us; else, we would have more Russian crude by now, which is now more than 30 percent cheaper as compared to international markets today, he added.

He particularly highlighted that the international oil markets are in a flux and instability; and, all national & international economists agree that the demand for the petroleum products internationally will remain low for a couple of years due to slowing down of the global economy.

He reminded that just last week the government has announced PKR. 7.50 per kWh raise in electricity prices; despite FPCCI’s repeated demands that electricity and petroleum prices should be kept stable – if not subsidized or reduced for the export-oriented industry.

He questioned that how the existing export orders can be met in a profitable manner after the double blow of electricity and petroleum price hikes?

FPCCI Chief has expressed his profound concerns that domestic and international demand for Pakistani products will be at an all-time low as inflation has severely affected the purchasing power of the domestic consumers and, for international & regional markets, Pakistani products have become uncompetitive. Government policies make no economic sense, he added.

Irfan Iqbal Sheikh recalled that the government has missed all macroeconomic indicators & their targets for FY23 and, for FY24, these two bad decisions will have a lasting effect on all economic performance indicators: be it exports, industrial production, inflation, employment generation and revenues.

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LHC moved against increase in price of petroleum products

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LHC moved
  • A citizen filed plea through his lawyer Azhar Siddique.
  • Petitioner pleaded with the court to declare fuel prices void.
  • The OGRA and federal Govt have been made party in the case.

LAHORE: A plea was filed in the Lahore High Court (LHC) on Thursday, challenging the recent increase in prices of petroleum products.

The plea has been filed by a citizen named Muneer Ahmed through his lawyer Advocate Azhar Siddique.

He stated that the federal government has increased the prices of petroleum products which would lead to a further rise in inflation.

The petitioner pleaded with the court to declare the recent increase in fuel prices void.

The Oil & Gas Regulatory Authority (OGRA), federal government and other concerned authorities have been made party in the case.

Earlier, the federal government increased the price of petrol by Rs22.20 per litre in a bid to appease the International Monetary Fund (IMF) for reviving $7 billion Extended Fund Facility (EFF).

The rate of petrol was increased to Rs272.00 per litre from Rs249.80 per litre and the price of high-speed diesel (HSD) has been increased by Rs17.20 per litre to Rs280.00.

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SHC seeks criteria to increase prices of petroleum products

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SHC
  • OGRA and others have been made parties.
  • Petitioner said people are already crushed inflation.
  • The court adjourned the hearing for a week.

KARACHI: Sindh High Court (SHC) has sought decision of apex court decision regarding the increase in petroleum products prices.

The court hearing the petition against the hike of petroleum products sought the decision of the Supreme Court regarding price determination.

Secretary Finance, Secretary Petroleum, OGRA, and others have been made parties in the petition.

The court instructed the petitioner that Supreme Court had given a decision on pricing and you should submit that.

The petitioner requested the court to ask the government to not put the burden on the people as  people are already crushed under the burden of inflation.

The prices of petroleum products have increased in the history of the country by fulfilling the agenda of the IMF.

It is requested in the petition that the approval of the increase in the prices of petroleum products should be taken from the Parliament

The petitioner pleaded to the court to restore the old prices of petroleum products.

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Govt increases prices of petrol, diesel by Rs 35 per litre  

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Govt increases
  • Ishaq Dar announced the new prices.
  • Petrol will now be available for Rs249.80 per litre.
  • The prices of light diesel and Kerosene oil also hiked.

ISLAMABAD: The Federal government on Sunday announced increasing the price of petrol and diesel by Rs35 per litre.

Federal Minister for Finance Ishaq Dar while addressing a press conference, announced increasing the price of petrol and diesel by 35 per litre.

Following the changes in the prices, petrol will now be available for Rs249.80  and diesel for 262.80 per litre.

Meanwhile, there has been an increase of Rs18 in the price of high-speed diesel, and Kerosene  oil.

The new prices of high-speed diesel are Rs 187 and Kerosene Oil are Rs 189:83.

Ishaq Dar said that the prices of petroleum products were not increased in the past four months, adding that prices of diesel and kerosene oil also decreased during the period.

The minister went on to say that the speculations had also led to an artificial shortage of petroleum products in the market.

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Sajal Aly criticises the government’s petrol price hike

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What’s Love Got To Do With It

Sajal Aly criticised the federal government for rising oil prices on Instagram. Mom celebrity called this a “petrol bomb”. The federal government will raise the price of petroleum products by Rs15-18 per litre on Thursday for the next two weeks. The actor Sajal Aly slammed the federal government on her Instagram stories after they said … Read more

PM discusses steps to ensure provision of electricity, petroleum products supply

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Shehbaz Sharif

ISLAMABAD: An emergency meeting regarding energy sector was chaired by Prime Minister Shehbaz Sharif on Wednesday in Islamabad. The forum discussed steps to overcome electricity load shedding and ensure provision of petroleum products. The meeting is being attended by Pakistan Muslim League-N (PML-N) leaders Shahid Khaqan Abbassi and Miftah Ismail as well as officials of … Read more

Rupee hits new low of Rs179.22 against dollar

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Rupee

KARACHI: The rupee continued to make historic lows against the dollar, as it fell to Rs179.22 on Tuesday, owing to import payments and political uncertainty, dealers said. The exchange rate ended at Rs179.22 against the greenback from the last day’s closing of Rs178.98, the previous all-time low, in the interbank foreign exchange market. The dealers said … Read more

Rupee recovers 12 paisas against dollar on firm oil prices

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Rupee

KARACHI: The rupee recovered 12 paisas against the dollar on Friday owing to an ease in oil prices in the international markets. The exchange rate ended at Rs178.51 to the dollar from the previous day’s closing of Rs178.63 in the interbank foreign exchange market. The local currency recovered to the current level from the record … Read more

SBP may consider global commodity prices in upcoming monetary policy decision

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Bank timings for Ramadan

KARACHI: The State Bank of Pakistan (SBP) is likely to consider the repercussions of high prices of oil and other commodities in the international markets, while announcing the monetary policy, which is scheduled for March 8, 2022. The SBP announced the first inflationary pressureof this year on January 24, 2022 and kept the key discount … Read more

First oil tanker under Saudi facility to arrive this month

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oil tanker

ISLAMABAD: The first oil tanker under the Saudi facility is expected to arrive in Pakistan in the third week of March 2022. Ambassador of the Kingdom of Saudi Arabia in Islamabad Nawaf bin Saeed Al-Malkiy and Saudi Development Fund Director General Dr Saud Ayid R Alshammari, called on Federal Minister for Economic Affairs Omar Ayub … Read more

Rupee depreciation continues as international oil prices soar

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pak rupee

KARACHI: The fall in the rupee value against dollar continued for the third straight day on Monday as oil prices climbed up in the international market. The rupee came down by 36 paisas against the dollar to close at Rs177.43 on February 28, 2022, as compared with last Friday’s Rs177.11 in the interbank foreign exchange … Read more

Uncertainty in global oil market may keep rupee unstable

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rupee

KARACHI: The rupee is expected to remain unstable next week, owing to the uncertainty in the international oil prices and a surge in the domestic demand for imported goods, analysts said. The local currency remained dependent on the movement of international oil prices during the outgoing week. It lost 39 paisas against the dollar during … Read more

A multi-legged monster

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circular debt

KARACHI: The energy sector’s circular debt has ballooned to Rs2.47 trillion threatening to slash the country’s gross domestic product (GDP) growth potential despite a number of policy stimulus provided by the government. With the latest increase in the rates of petroleum products and the expected hike in the electricity tariff, the crippling power sector debt … Read more

Dollar rebounds against rupee on import payment demand

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dollar

KARACHI: The dollar rebounded against the rupee by 47 paisas on Friday owing to weekly demand and high oil prices. The exchange rate ended at Rs175.86 to the dollar from the previous day’s closing of Rs175.39 in the interbank foreign exchange market. The rupee made gains during the past two trading sessions owing to ease … Read more

FBR massively cuts sales tax on petroleum products

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fbr

KARACHI: The Federal Board of Revenue (FBR) on Thursday announced a massive cut in the sales tax rates on all petroleum products to lower the consumer price at retail outlets. The FBR issued SRO 183 (I)/2022 to make changes in the sales tax rates on the supply of petroleum products. Previously, the FBR issued SRO … Read more

Dollar touches new peak of Rs178.24

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Govt finalises plan to borrow $5bn from Russia, China, Kazakhstan

KARACHI: The dollar recorded a gain of five paisas against the rupee on Wednesday and touched the new high of Rs178.24 in the interbank foreign exchange market, dealers said. A day ago, the exchange rate ended at Rs178.19 against the dollar, which was the previous record high of the greenback. The dealers said the dollar … Read more

Food inflation continues to haunt Pakistanis

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pakistan

KARACHI: The prices of food commodities continue to rise, as Pakistan records its worst food inflation in recent times. Rupee depreciation, rising trade deficit and the hike in petroleum products prices make it difficult to make ends meet for the common man. The essential food items get dearer, as there is no sign of relief … Read more

Govt revises sales tax on petroleum products

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Govt not getting sales tax on petroleum products: Spokesperson

ISLAMABAD: The federal government has revised the sales tax rates on petroleum products to provide relief to the masses against a sharp rise in the prices of oil in the international market. According to the statement issued on Saturday, the sales tax rate on petrol has been slashed to 1.43 per cent while the sales … Read more

Petrol prices are expected to rise in Pakistan once again

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The price of petroleum products in the country is expected to rise once more, according to sources, with the Oil and Gas Regulatory Authority (OGRA) seeking an increase in the rates.Petrol once again The regulatory authority has sent a summary to the Petroleum Division, recommending a petrol price rise of Rs0.50 per litre, a diesel price increase of Rs2.50 per litre, and kerosene and light diesel oil price increase of Rs1 per litre.

After consulting with Prime Minister Imran Khan, the Ministry of Finance will make a final decision on changing the price of petroleum products, according to sources.

Two weeks ago, the government increased the price of fuel by Rs1.71 per liter, resulting in a current price of Rs119.80 a liter.

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PSO issues tender for October fuel procurement

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PSO

KARACHI: The state-owned Pakistan State Oil (PSO) has floated several tenders for the supply of petroleum products to ensure ample availability of fuel in the upcoming winters. PSO has invited bids for the supply of three motor gasoline cargos of 45,000 tonnes each in October 2021, along with two standard size cargo each of high-sulphur … Read more

Federal Govt. Notifies lowering sales tax on petroleum products

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Budget 2021 petroleum price

The Federal government has on Wednesday (today) announced to lower sales tax on petroleum products.

According to a notification issued today, the sales tax on Kerosene oil was lowered to 10.07% against the previously charged tax of 15.44%. The sales tax on light diesel was lowered to 3.67% from 7.56%.

However, the notification mentioned that the sales tax would be charged at 17% on petrol, and high-speed diesel, and there would be no changes in it.

Petroleum products sales tax lowered

Prime Minister Imran Khan on May 31 turned down a proposal by the Oil and Gas Regulatory Authority (OGRA) for a rise in prices of petroleum products for the next 15 days.

The current price of petrol stands at Rs108.76 per litre, whereas the per-litre prices of diesel, kerosene oil, and light diesel are Rs110.76, Rs80, and Rs77.65.86, respectively.

Earlier, the Oil and Gas Regulatory Authority (OGRA) had increased the price of LPG.

According to the notification, the price of LPG has been increased by Rs 8.4 per kg.

According to the notification, LPG has increased the price of 11.8 kg domestic cylinder by Rs 94.89 paise, after which the new price of the domestic cylinder has gone up to Rs 1,667.29 paise. Whereas in May, the domestic price of LPG cylinder was Rs 1,572.40 paise. The price of the commercial cylinder is fixed at Rs 6,415.

The notification further said that the new LPG prices would be applicable for June 2021.

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Government Decides To Maintain Prices Of Petroleum Products

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Federal Govt Decides To Maintain Prices Of Petroleum Products

The government has decided to maintain the prices of petroleum products on Monday.

According to the details, Prime Minister Imran Khan has rejected OGRA’s summary.

Spokesperson,& Special Assistant to Prime Minister of Pakistan on Political Communication, Shahbaz Gill via Twitter announced that there will be no increase in the price of petroleum products.

The prices of petroleum products in the international market are constantly rising. OGRA had again proposed to increase the price to Rs 8.86 per liter which was not approved by the Prime Minister, said Gill.

The Prime Minister’s measures against inflation will not lead to an increase in the price of petroleum products, he concluded.

The government will adjust to other taxes, including petroleum levy and sales tax. Petrol price will remain Rs 108.56 per liter, and the price of high-speed diesel will be Rs 110.76 per liter.

The government had earlier decided on 10th May to maintain the petrol and high-speed diesel sales tax rate.

According to the notification issued by the government, the sales tax rate on petrol and diesel will remain at 17%.

The notification said that the sales tax rate on kerosene has been reduced from 17% to 15.44% while the sales tax rate on light diesel has been reduced from 17% to 7.56%.

Earlier, Prime Minister Imran Khan had decided that the price of petroleum products would not be increased. The OGRA summary recommended an increase of Rs. 5 to 10.

The Prime Minister rejected it and decided to maintain the April 16 prices.

According to the notification issued by the Finance Ministry, the price of petrol has been fixed at Rs 108.56 per liter, high-speed diesel at Rs 110.76 per liter, kerosene at Rs 80 per liter, and light diesel at Rs 77.65 per liter.

The government is bearing the burden of Rs 4.8 billion by maintaining prices.

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