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Petrol crisis in a picture:
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Contact the PP Team
More misery for the masses as petrol prices in Pakistan are likely to rise [Post Updated # 419]
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Incidentally, the situation in Lahore today wasn't quite as chaotic as a lot of petrol stations remained open.
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The All Pakistan Petrol Pumps Dealers Association on Thursday called off a nationwide strike against the government's failure to increase their profit margin.
The government and the association's chairman, Abdul Sami Khan, reached the agreement after holding day-long negotiations. Adviser to the Prime Minister on Finance Shaukat Tarin, Energy Minister Hammad Azhar and Petroleum Secretary Dr Arshad Mahmood were part of the government team.
Speaking to Dawn, association spokesperson Jahanzaib Malik confirmed that petroleum dealers had called off the nationwide strike. He said that they had initially demanded a six per cent increase in their profit margin, but the government had agreed to a 4.4pc increase.
Malik said that petrol dealers were charging Rs3.91 per litre and would now charge Rs4.90. He said that the price of petrol would be increased after the government announced the rates for next month.
He said that agreement would be implemented from next month, adding that the government had vowed to review the profit margin after three months.
Information Minister Fawad Chaudhry also shared the development in a tweet, stating that there were three pieces of good news.
"First, the petroleum dealers' association has called off the strike. Second, Saudi Arabia has announced that it will start direct flights from Pakistan. Third, all legal issues concerning the transfer of $3 billion from Saudi Arabi have been settled, and the money will be received this week," he said.
Earlier today, Energy Minister Hammad Azhar told petrol dealers that legitimate demands will be accepted but warned that those seeking a nine-rupee raise will be disappointed.
Azhar said that he was aware of the problems being faced by petrol pump owners as he reminded them that a summary for an increase in their profit margin was already with the Economic Coordination Committee (ECC) and the matter would be resolved in the next meeting.
The minister urged the dealers to reconsider their strike based on the inconvenience being faced by the general public. However, he made it clear that the government would not accept any illegitimate demands.
"Some groups want to use this strike to have a raise of nine rupees," said the minister. "A nine-rupee raise cannot be granted just to benefit a few companies."
"Legitimate demands will be accepted, illegitimate ones will be not," the minister declared.
Meeting of stakeholders
A meeting was also conducted between the representatives of all the major oil marketing companies, petroleum dealers and officials of the petroleum division .
"The petroleum division has sent its recommendations regarding the dealers' profit margin to the ECC," a spokesperson for the division said, adding that the recommendation was based on an independent report as he urged the PPDA to wait on the matter until the ECC conducts its own meeting.
The spokesperson said the dealers' margin has seen a regular increase, the last of which was granted in April. He urged the dealers association to prove its responsibility in the larger interest of the country.
The spokesperson claimed there was no shortage of petroleum products in the country and that it was business as usual at fuel stations of all major companies.
Situation across the country
Privately-owned petrol stations ceased operations across the country today in pursuance of the strike call, although state-owned stations of Pakistan State Oil (PSO) and a few other companies including Shell and Hascol were still operational, according to the Ministry of Energy.
In Peshawar, some PSO stations were open, while a vast majority were closed. Long queues had formed outside the select few that were still operational.
According to President Balochistan Petroleum Association Qayyumuddin, all petrol stations would remain closed till the demands of the dealers are met.
Meanwhile, Deputy Commissioner Lahore Umer Sher Chatha said 62 petrol stations of different companies, including the PSO, were open for motorists across the city.
Oil and Gas Regulatory Authority (Ogra) spokesperson Imran Ghaznavi said the authority was in touch with oil marketing companies to ensure uninterrupted supply of petroleum products.
"Ogra teams are in touch with stakeholders and engaged in smooth supplies," he tweeted.
PPDA announces strike
The Pakistan Petroleum Dealers Association (PPDA) had earlier this week announced that all petrol stations across the country would remain closed on Nov 25 (today) against what they called the government's alleged backtracking on its promise to raise petroleum commission.
However, the handout issued by the association did not mention when the strike will end. When Dawn.com contacted PPDA Chairman Abdul Sami Khan for clarity on the matter, he refused to give a definitive answer and said that a final decision will be taken today.
According to the PPDA handout, a meeting of petrol dealers was held at Faletti's Hotel in Lahore on Saturday, where it was noted that the government had promised to raise the dealers' profit margin three years ago.
"The promise remains unfulfilled to date ... [and] now, because of [growing] inflation and increase in the prices of petroleum products, it has become difficult for dealers to run fuel stations," the press release read.
It added that the dealers had previously given the call for a strike from November 5 but had withdrawn it after after a government team, led by Minister for Energy Hammad Azhar, held a meeting with them on November 3 and agreed to fulfil their demands.
According to a Dawn report, the meeting had also constituted a committee led by Petroleum Secretary Dr Arshad Mahmood and comprising stakeholders to ensure the implementation of the agreement for the increase in margins through approval from the ECC and the federal cabinet by November 15.
In that meeting, the press release said, "the government had agreed to raise the profit margin by six per cent and sought time till November 17 to implement the decision".
"Dealers continued the supply of petroleum products in public interest, but five days have passed since the agreed date of November 17 and the government representatives don't seem serious," the statement said.
Govt says petrol will be available at all major outlets
On the other hand, a spokesperson for the petroleum ministry had last night said that it had sent a summary to increase dealers' profit margin to the ECC and was awaiting approval.
He said that the ministry was working on increasing the profit margin of oil marketing companies and dealers, adding that the federal cabinet would take a decision in this regard within ten days.
"Fuel will be available at all Pakistan State Oil (PSO), Shell and Total stations in country,” he said, adding that oil tankers had been sent to these stations.
The Ministry of Energy added that petrol products will be available at PSO, Gas and Oil Pakistan Limited, Hascol and Shell's "company-operated" pumps
The government and the association's chairman, Abdul Sami Khan, reached the agreement after holding day-long negotiations. Adviser to the Prime Minister on Finance Shaukat Tarin, Energy Minister Hammad Azhar and Petroleum Secretary Dr Arshad Mahmood were part of the government team.
Speaking to Dawn, association spokesperson Jahanzaib Malik confirmed that petroleum dealers had called off the nationwide strike. He said that they had initially demanded a six per cent increase in their profit margin, but the government had agreed to a 4.4pc increase.
Malik said that petrol dealers were charging Rs3.91 per litre and would now charge Rs4.90. He said that the price of petrol would be increased after the government announced the rates for next month.
He said that agreement would be implemented from next month, adding that the government had vowed to review the profit margin after three months.
Information Minister Fawad Chaudhry also shared the development in a tweet, stating that there were three pieces of good news.
"First, the petroleum dealers' association has called off the strike. Second, Saudi Arabia has announced that it will start direct flights from Pakistan. Third, all legal issues concerning the transfer of $3 billion from Saudi Arabi have been settled, and the money will be received this week," he said.
Earlier today, Energy Minister Hammad Azhar told petrol dealers that legitimate demands will be accepted but warned that those seeking a nine-rupee raise will be disappointed.
Azhar said that he was aware of the problems being faced by petrol pump owners as he reminded them that a summary for an increase in their profit margin was already with the Economic Coordination Committee (ECC) and the matter would be resolved in the next meeting.
The minister urged the dealers to reconsider their strike based on the inconvenience being faced by the general public. However, he made it clear that the government would not accept any illegitimate demands.
"Some groups want to use this strike to have a raise of nine rupees," said the minister. "A nine-rupee raise cannot be granted just to benefit a few companies."
"Legitimate demands will be accepted, illegitimate ones will be not," the minister declared.
Meeting of stakeholders
A meeting was also conducted between the representatives of all the major oil marketing companies, petroleum dealers and officials of the petroleum division .
"The petroleum division has sent its recommendations regarding the dealers' profit margin to the ECC," a spokesperson for the division said, adding that the recommendation was based on an independent report as he urged the PPDA to wait on the matter until the ECC conducts its own meeting.
The spokesperson said the dealers' margin has seen a regular increase, the last of which was granted in April. He urged the dealers association to prove its responsibility in the larger interest of the country.
The spokesperson claimed there was no shortage of petroleum products in the country and that it was business as usual at fuel stations of all major companies.
Situation across the country
Privately-owned petrol stations ceased operations across the country today in pursuance of the strike call, although state-owned stations of Pakistan State Oil (PSO) and a few other companies including Shell and Hascol were still operational, according to the Ministry of Energy.
In Peshawar, some PSO stations were open, while a vast majority were closed. Long queues had formed outside the select few that were still operational.
According to President Balochistan Petroleum Association Qayyumuddin, all petrol stations would remain closed till the demands of the dealers are met.
Meanwhile, Deputy Commissioner Lahore Umer Sher Chatha said 62 petrol stations of different companies, including the PSO, were open for motorists across the city.
Oil and Gas Regulatory Authority (Ogra) spokesperson Imran Ghaznavi said the authority was in touch with oil marketing companies to ensure uninterrupted supply of petroleum products.
"Ogra teams are in touch with stakeholders and engaged in smooth supplies," he tweeted.
PPDA announces strike
The Pakistan Petroleum Dealers Association (PPDA) had earlier this week announced that all petrol stations across the country would remain closed on Nov 25 (today) against what they called the government's alleged backtracking on its promise to raise petroleum commission.
However, the handout issued by the association did not mention when the strike will end. When Dawn.com contacted PPDA Chairman Abdul Sami Khan for clarity on the matter, he refused to give a definitive answer and said that a final decision will be taken today.
According to the PPDA handout, a meeting of petrol dealers was held at Faletti's Hotel in Lahore on Saturday, where it was noted that the government had promised to raise the dealers' profit margin three years ago.
"The promise remains unfulfilled to date ... [and] now, because of [growing] inflation and increase in the prices of petroleum products, it has become difficult for dealers to run fuel stations," the press release read.
It added that the dealers had previously given the call for a strike from November 5 but had withdrawn it after after a government team, led by Minister for Energy Hammad Azhar, held a meeting with them on November 3 and agreed to fulfil their demands.
According to a Dawn report, the meeting had also constituted a committee led by Petroleum Secretary Dr Arshad Mahmood and comprising stakeholders to ensure the implementation of the agreement for the increase in margins through approval from the ECC and the federal cabinet by November 15.
In that meeting, the press release said, "the government had agreed to raise the profit margin by six per cent and sought time till November 17 to implement the decision".
"Dealers continued the supply of petroleum products in public interest, but five days have passed since the agreed date of November 17 and the government representatives don't seem serious," the statement said.
Govt says petrol will be available at all major outlets
On the other hand, a spokesperson for the petroleum ministry had last night said that it had sent a summary to increase dealers' profit margin to the ECC and was awaiting approval.
He said that the ministry was working on increasing the profit margin of oil marketing companies and dealers, adding that the federal cabinet would take a decision in this regard within ten days.
"Fuel will be available at all Pakistan State Oil (PSO), Shell and Total stations in country,” he said, adding that oil tankers had been sent to these stations.
The Ministry of Energy added that petrol products will be available at PSO, Gas and Oil Pakistan Limited, Hascol and Shell's "company-operated" pumps
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<b>Govt hints at reducing petroleum prices</b>
Full impact of this decline will be realised on Dec 15 pricing, says finance ministry spokesperson
November 27, 2021
The federal government has hinted at reducing petroleum prices in the country after oil prices in the international market witnessed decline on new coronavirus variant concerns.
The oil prices plunged $10 a barrel on Friday, their largest one-day drop since April 2020, as a new variant of the coronavirus spooked investors and added to concerns that a supply surplus could swell in the first quarter.
Oil fell with global equities markets on fears the variant, could dampen economic growth and fuel demand.
Brent crude settled down $9.50, or 11.6%, to $72.72 a barrel, a weekly decline of more than 8%.
“Allah has been kind to Pakistan. Very timely drop in oil prices globally. Brent reduce to $72.91/bbl. The full impact of this decline will be realised on Dec 15th pricing,” Finance Ministry Spokesperson Muzammil Aslam said in a tweet on Saturday.
He added, “But definitely it is big relief on imports & price pass through. Don’t forget Govt is losing 50/litre tax.”
Similarly, Information Minister Fawad Chaudhry while addressing a press conference in Islamabad said that the impact of the decline in international crude oil prices would be passed to consumers in a “few weeks”.
It may be noted that petroleum prices in Pakistan have touched an all-time high with petrol being sold at Rs146 per litre.
In the same presser, Information Minister Fawad said that the underlying motive of PML-N to make the institutions controversial “is to obtain relief in corruption cases against them”.
He said that whenever hearing of corruption cases began against PML-N leaders they “hatched conspiracies” against the state institutions.
He said that during their many years' rule "they [PML-N] promoted nepotism to further their vested interests".
He claimed that the affidavit of former top judge of Gilgit-Baltistan Rana Shamim and alleged leaked audio conversation of former chief justice Saqib Nisar were part of the PML-N’s plot to get relief in cases.
“It is very obvious that the Sharif family is resorting to such tactics as they have to present the money trail about the purchase of their properties,” Fawad added.
Fawad said that “if Maryam Nawaz thought the audio recording of Saqib Nisar could benefit her case, then she should take it to the court”.
He also pleaded superior judiciary to take notice of the recent revelations and take action accordingly.
Fawad said PML-N won elections in 1990 against the PPP though rigging and the apex court had affirmed this.
However, he added that it was another matter that PPP had now joined hands secretly with PML-N.
Source: The Express Tribune.
Full impact of this decline will be realised on Dec 15 pricing, says finance ministry spokesperson
November 27, 2021
The federal government has hinted at reducing petroleum prices in the country after oil prices in the international market witnessed decline on new coronavirus variant concerns.
The oil prices plunged $10 a barrel on Friday, their largest one-day drop since April 2020, as a new variant of the coronavirus spooked investors and added to concerns that a supply surplus could swell in the first quarter.
Oil fell with global equities markets on fears the variant, could dampen economic growth and fuel demand.
Brent crude settled down $9.50, or 11.6%, to $72.72 a barrel, a weekly decline of more than 8%.
“Allah has been kind to Pakistan. Very timely drop in oil prices globally. Brent reduce to $72.91/bbl. The full impact of this decline will be realised on Dec 15th pricing,” Finance Ministry Spokesperson Muzammil Aslam said in a tweet on Saturday.
He added, “But definitely it is big relief on imports & price pass through. Don’t forget Govt is losing 50/litre tax.”
Similarly, Information Minister Fawad Chaudhry while addressing a press conference in Islamabad said that the impact of the decline in international crude oil prices would be passed to consumers in a “few weeks”.
It may be noted that petroleum prices in Pakistan have touched an all-time high with petrol being sold at Rs146 per litre.
In the same presser, Information Minister Fawad said that the underlying motive of PML-N to make the institutions controversial “is to obtain relief in corruption cases against them”.
He said that whenever hearing of corruption cases began against PML-N leaders they “hatched conspiracies” against the state institutions.
He said that during their many years' rule "they [PML-N] promoted nepotism to further their vested interests".
He claimed that the affidavit of former top judge of Gilgit-Baltistan Rana Shamim and alleged leaked audio conversation of former chief justice Saqib Nisar were part of the PML-N’s plot to get relief in cases.
“It is very obvious that the Sharif family is resorting to such tactics as they have to present the money trail about the purchase of their properties,” Fawad added.
Fawad said that “if Maryam Nawaz thought the audio recording of Saqib Nisar could benefit her case, then she should take it to the court”.
He also pleaded superior judiciary to take notice of the recent revelations and take action accordingly.
Fawad said PML-N won elections in 1990 against the PPP though rigging and the apex court had affirmed this.
However, he added that it was another matter that PPP had now joined hands secretly with PML-N.
Source: The Express Tribune.
Bewal Express
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One of our biggest problems is the lack of storage so when prices are low, we cant buy and store. Its not a good idea to reduce prices until you can see what happens over a month or 2 because you may have to put them up later. IK reduced the prices after the less crash at the start of the pandemic and the oil companies never passed them on.
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ISLAMABAD: The government removed Petroleum Division Secretary Dr Arshad Mehmood and assigned the charge of office to Power Division Secretary Ali Raza Bhutta, a notification issued by the Establishment Division said Saturday.
"Dr Arshad Meh*mood a **-22 officer of Pakistan Adminis*trative Service, presently posted as Secretary Petroleum Division, is transferred and directed to report to the Establishment Division," reads the notificaion.
Mehmood, however, has not been assigned any posting.
Another notification of the Establishment Division regarding Mr Bhutta said: "Ali Raza Bhutta, a **-22 officer of Pakistan Administrative Service presently posted as Secretary Power Division, is assigned additional charge of the post of Secretary Petroleum Division for a period of three months or till the posting of regular incumbent; whichever is earlier, and with immediate effect."
Officially, no reason has been given for Mehmood's removal.
GEO
"Dr Arshad Meh*mood a **-22 officer of Pakistan Adminis*trative Service, presently posted as Secretary Petroleum Division, is transferred and directed to report to the Establishment Division," reads the notificaion.
Mehmood, however, has not been assigned any posting.
Another notification of the Establishment Division regarding Mr Bhutta said: "Ali Raza Bhutta, a **-22 officer of Pakistan Administrative Service presently posted as Secretary Power Division, is assigned additional charge of the post of Secretary Petroleum Division for a period of three months or till the posting of regular incumbent; whichever is earlier, and with immediate effect."
Officially, no reason has been given for Mehmood's removal.
GEO
finalfantasy7
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so what rate per rupee / litre would you be happy with ?
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Prime Minister Imran Khan on Friday approved a hike in the prices of petroleum products by up to Rs4.15 per litre following a commitment with the International Monetary Fund (IMF).
The new prices will be effective from January 1, 2022.
On December 15, the government had also passed on partial relief to the oil consumers and reduced the rates of petrol and high-speed diesel by Rs5 per litre in line with declining oil prices.
The Oil and Gas Regulatory Authority (Ogra) had proposed a reduction in prices of petroleum products by Rs8 to 10 per litre. Ogra had recommended Rs10.77 and Rs7.73 per litre reduction in the prices of petrol and high-speed diesel (HSD), respectively.
Ministry of Finance in a statement issued late Friday said that the prime minister had rejected Ogra’s summary seeking a hike in the prices of fuel.
However, it said that the prime minister advised increasing the price of petroleum products up to Rs4.15 per litre in order to meet the target of the petroleum levy agreed with the IMF.
Also read: Petroleum prices likely to go up again as govt increases PDL
The ministry further said that sales tax on petrol and diesel had already been adjusted downwards compared to December 16 to keep the oil prices lower.
The government has increased the price of petrol by Rs4 per litre to Rs144.82 effective from January 1, 2022.
Similarly, the price of HSD has been risen by Rs4 to Rs141.62 per litre from Rs137.62 per litre.
The rate of kerosene oil was hiked by Rs3.95 to Rs113.53 per litre as against Rs1209.53 per litre.
LDO had shot up to Rs111.06 per litre from Rs107.06 registering a hike of Rs4.15 per litre.
Petrol is an alternative to CNG in cars. The gas crisis had already hit the CNG industry.
The consumers in Punjab were already using imported gas. The Sui Southern Gas Company (SSGC) had also suspended gas supply to CNG stations in Sindh and Balochistan.
HSD is widely used in the transport and farm sectors. Kerosene oil is used in remote areas for cooking where LPG is unavailable. LDO is used in industries.
LPG price
However, there is good news for liquefied petroleum gas (LPG) consumers. Ogra reduced its price by Rs6 per kilogramme. The LPG is used in remote areas where kerosene oil is not available for cooking purposes.
Moreover, in the winter season, its demand increases due to a shortage of piped gas. Despite cut in prices, the LPG will still being sold at the exorbitant price of Rs207 per kg.
The domestic cylinder of the LPG will now be available at Rs2,321 to the customers.
The new prices will be effective from January 1, 2022.
On December 15, the government had also passed on partial relief to the oil consumers and reduced the rates of petrol and high-speed diesel by Rs5 per litre in line with declining oil prices.
The Oil and Gas Regulatory Authority (Ogra) had proposed a reduction in prices of petroleum products by Rs8 to 10 per litre. Ogra had recommended Rs10.77 and Rs7.73 per litre reduction in the prices of petrol and high-speed diesel (HSD), respectively.
Ministry of Finance in a statement issued late Friday said that the prime minister had rejected Ogra’s summary seeking a hike in the prices of fuel.
However, it said that the prime minister advised increasing the price of petroleum products up to Rs4.15 per litre in order to meet the target of the petroleum levy agreed with the IMF.
Also read: Petroleum prices likely to go up again as govt increases PDL
The ministry further said that sales tax on petrol and diesel had already been adjusted downwards compared to December 16 to keep the oil prices lower.
The government has increased the price of petrol by Rs4 per litre to Rs144.82 effective from January 1, 2022.
Similarly, the price of HSD has been risen by Rs4 to Rs141.62 per litre from Rs137.62 per litre.
The rate of kerosene oil was hiked by Rs3.95 to Rs113.53 per litre as against Rs1209.53 per litre.
LDO had shot up to Rs111.06 per litre from Rs107.06 registering a hike of Rs4.15 per litre.
Petrol is an alternative to CNG in cars. The gas crisis had already hit the CNG industry.
The consumers in Punjab were already using imported gas. The Sui Southern Gas Company (SSGC) had also suspended gas supply to CNG stations in Sindh and Balochistan.
HSD is widely used in the transport and farm sectors. Kerosene oil is used in remote areas for cooking where LPG is unavailable. LDO is used in industries.
LPG price
However, there is good news for liquefied petroleum gas (LPG) consumers. Ogra reduced its price by Rs6 per kilogramme. The LPG is used in remote areas where kerosene oil is not available for cooking purposes.
Moreover, in the winter season, its demand increases due to a shortage of piped gas. Despite cut in prices, the LPG will still being sold at the exorbitant price of Rs207 per kg.
The domestic cylinder of the LPG will now be available at Rs2,321 to the customers.
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The federal government on Friday slashed the price of liquefied petroleum gas (LPG) by Rs5.90 per kg for the next month.
According to a notification issued by the Oil and Gas Regulatory Authority (Ogra), the LPG will now be available at Rs196.67 per kg from January 1, 2022,Express News reported.
Following the decrease, the price of a domestic cylinder of 11.8kg has been reduced by Rs105 and will be sold at Rs2.320.
Information Minister Fawad Chaudhry said after launching a health insurance scheme for Punjab, the government has also reduced the price of LPG as a New Year’s gift for the people.
“The [reduction] will directly benefit 72% of the country's population who are deprived of piped gas. The coming year will see a sharp decline in energy and food prices,” he added.
With the onset of winter, the shortage of piped gas supply from the Sui Southern Gas Company (SSGC) network has forced the citizens to start using LPG.
Residents of areas affected by gas load-shedding say that the use of LPG has led to a 10-fold increase in gas prices. Gas load-shedding is making it more difficult to cope with inflation.
One of the most popular options for gas shortage is LPG. People either convert their stoves or buy an extra burner for use during winters.
The use of LPG increases in winters for heating and cooking purposes due to a shortage of piped gas supply.
However, a number of incidents have been reported when LPG cylinders blew up due to gas leakage.
https://tribune.com.pk/story/2336518/new-year-gift-govt-cuts-lpg-price-by-nearly-rs6-per-kg
According to a notification issued by the Oil and Gas Regulatory Authority (Ogra), the LPG will now be available at Rs196.67 per kg from January 1, 2022,Express News reported.
Following the decrease, the price of a domestic cylinder of 11.8kg has been reduced by Rs105 and will be sold at Rs2.320.
Information Minister Fawad Chaudhry said after launching a health insurance scheme for Punjab, the government has also reduced the price of LPG as a New Year’s gift for the people.
“The [reduction] will directly benefit 72% of the country's population who are deprived of piped gas. The coming year will see a sharp decline in energy and food prices,” he added.
With the onset of winter, the shortage of piped gas supply from the Sui Southern Gas Company (SSGC) network has forced the citizens to start using LPG.
Residents of areas affected by gas load-shedding say that the use of LPG has led to a 10-fold increase in gas prices. Gas load-shedding is making it more difficult to cope with inflation.
One of the most popular options for gas shortage is LPG. People either convert their stoves or buy an extra burner for use during winters.
The use of LPG increases in winters for heating and cooking purposes due to a shortage of piped gas supply.
However, a number of incidents have been reported when LPG cylinders blew up due to gas leakage.
https://tribune.com.pk/story/2336518/new-year-gift-govt-cuts-lpg-price-by-nearly-rs6-per-kg
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Pakistan Muslim League-Nawaz (PML-N) President Shehbaz Sharif and Pakistan Peoples Party (PPP) Chairperson Bilawal Bhutto Zardari slammed on Saturday the Rs4 hike in petrol prices, saying the only solution to get rid of inflation was to overthrow Prime Minister Imran Khan's government.
The PML-N leader said that it would have been better if the premier had resigned instead of dropping a petrol bomb on the people right at the start of the New Year.
"The governments in the world make things cheaper on festive occasions. But Imran Niazi dropped an inflation bomb. The PTI government could not bear the joy of the people on New Year," the leader of the Opposition in the National Assembly stated.
He said that “another name for the present government was oppression, exploitation and indifference.”
The opposition said the premier “should not punish the nation for his follies.”
“Instead of burying the people alive [under inflation], Imran Niazi should resign," the PML-N leader said, adding that that nation will have to get rid of this “tyrannical government” to save itself from inflation, economic catastrophe and unemployment in the new year.
“We pray to the Almighty that the New Year may be the beginning of deliverance of the nation from the torments of inflation, mismanagement, economic ruin, hunger, disease, oppression and injustice,” Shehbaz said.
In a separate statement, the PPP chairperson said, "Imran Khan has given a New Year gift to the people by increasing the prices of petroleum products."
Bilawal said that in the ‘Naya Pakistan’, every year has proved to be “more expensive than the last”, adding that everything is later blamed on the previous governments’ policies.
Bilawal further added that PM Imran had claimed that 2021 would be a year of prosperity. “Where was the claim of prosperity now that 2022 has arrived?” the PPP leader asked.
https://tribune.com.pk/story/2336630/shehbaz-bilawal-slam-rs4-hike-in-petrol-price
The PML-N leader said that it would have been better if the premier had resigned instead of dropping a petrol bomb on the people right at the start of the New Year.
"The governments in the world make things cheaper on festive occasions. But Imran Niazi dropped an inflation bomb. The PTI government could not bear the joy of the people on New Year," the leader of the Opposition in the National Assembly stated.
He said that “another name for the present government was oppression, exploitation and indifference.”
The opposition said the premier “should not punish the nation for his follies.”
“Instead of burying the people alive [under inflation], Imran Niazi should resign," the PML-N leader said, adding that that nation will have to get rid of this “tyrannical government” to save itself from inflation, economic catastrophe and unemployment in the new year.
“We pray to the Almighty that the New Year may be the beginning of deliverance of the nation from the torments of inflation, mismanagement, economic ruin, hunger, disease, oppression and injustice,” Shehbaz said.
In a separate statement, the PPP chairperson said, "Imran Khan has given a New Year gift to the people by increasing the prices of petroleum products."
Bilawal said that in the ‘Naya Pakistan’, every year has proved to be “more expensive than the last”, adding that everything is later blamed on the previous governments’ policies.
Bilawal further added that PM Imran had claimed that 2021 would be a year of prosperity. “Where was the claim of prosperity now that 2022 has arrived?” the PPP leader asked.
https://tribune.com.pk/story/2336630/shehbaz-bilawal-slam-rs4-hike-in-petrol-price
Major
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144. happy new year
same pm on jan 1st 2018 talked about how the govt dropped the petrol bomb on the poor nationa and create burden on us the poor people.
Have we suddenly become rich now under him?
Pakistan doob rah hai all thanks to our pm
same pm on jan 1st 2018 talked about how the govt dropped the petrol bomb on the poor nationa and create burden on us the poor people.
Have we suddenly become rich now under him?
Pakistan doob rah hai all thanks to our pm
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The federal government on Saturday increased the price of petrol by Rs3.01 per litre, taking it to a record high of Rs147.83 per litre.
According to a notification issued by the finance ministry, the price of high-speed diesel was also raised by Rs3, lifting it to Rs144.62 per litre.
It stated that the price of light diesel oil was increased by Rs3.33 and kerosene oil price also hiked by Rs3 per litre.
The new prices will come into effect from 12am tonight and will continue to be implemented till January 31.
According to a notification issued by the finance ministry, the price of high-speed diesel was also raised by Rs3, lifting it to Rs144.62 per litre.
It stated that the price of light diesel oil was increased by Rs3.33 and kerosene oil price also hiked by Rs3 per litre.
The new prices will come into effect from 12am tonight and will continue to be implemented till January 31.
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Pakistanis may see another surge in fuel prices following fluctuations in global crude oil prices over the Russia-Ukraine crisis.
Amid international tensions, global oil prices jumped from $85 per barrel to $94 per barrel. Crude oil peaked at $96.16 per barrel, the highest since October 2014, before settling down at a slightly lower figure.
It is worth mentioning here that Pakistani consumers had faced a partial fortnightly increase in oil prices earlier this month.
For the past two weeks, the average crude oil price stood at $94 per barrel. Meanwhile, the rupee strengthened by 1.50 against the dollar.
Sources say that keeping in mind the slight appreciation of the rupee, fuel prices are likely to go up by Rs12.33 per litre from February 16. This figure includes the petroleum levy and general sales tax. This, however, is conditional to the government’s decisions, i.e. if it opts to pass on the full impact of increasing oil prices to the public.
If this scenario is to be accepted, the price of high-speed diesel may go up by Rs10.02, kerosene oil by Rs10.08 per litre, and light diesel oil by Rs9.43.
As for jet fuels, the price of JP-1 is likely to go up by Rs6.07 per litre, JP-4 by Rs6.02 and JP-8 by Rs6.07. This may also prompt airlines to increase passenger and cargo fares. Moreover, furnace oil may also get more expensive as an increase of Rs1,397 per tonne appears likely.
It is worth noting that there has been an increase in the ex-refinery price of petrol by Rs8.33 per litre, while high-speed diesel saw a surge of Rs6.02, kerosene oil Rs6.08, and light diesel oil Rs5.43.
After completing its calculations, the Oil and Gas Regulatory Authority (OGRA) will send a summary to the Petroleum Division for final approval.
High-speed diesel is widely used in the transport and agriculture sectors, and an increase in their prices would impact the masses heavily because of a potential surge in inflation.
Petrol is used in cars and motorbikes, and in the absence of electric vehicles in the country, its only alternative is compressed natural gas (CNG). Kerosene oil is commonly used in remote areas of the country, primarily for cooking, as liquefied natural gas (LNG) is not usually available there. Pakistan’s security forces are also among the major consumers of kerosene oil in far-off areas, including the northern parts of Pakistan.
Amid international tensions, global oil prices jumped from $85 per barrel to $94 per barrel. Crude oil peaked at $96.16 per barrel, the highest since October 2014, before settling down at a slightly lower figure.
It is worth mentioning here that Pakistani consumers had faced a partial fortnightly increase in oil prices earlier this month.
For the past two weeks, the average crude oil price stood at $94 per barrel. Meanwhile, the rupee strengthened by 1.50 against the dollar.
Sources say that keeping in mind the slight appreciation of the rupee, fuel prices are likely to go up by Rs12.33 per litre from February 16. This figure includes the petroleum levy and general sales tax. This, however, is conditional to the government’s decisions, i.e. if it opts to pass on the full impact of increasing oil prices to the public.
If this scenario is to be accepted, the price of high-speed diesel may go up by Rs10.02, kerosene oil by Rs10.08 per litre, and light diesel oil by Rs9.43.
As for jet fuels, the price of JP-1 is likely to go up by Rs6.07 per litre, JP-4 by Rs6.02 and JP-8 by Rs6.07. This may also prompt airlines to increase passenger and cargo fares. Moreover, furnace oil may also get more expensive as an increase of Rs1,397 per tonne appears likely.
It is worth noting that there has been an increase in the ex-refinery price of petrol by Rs8.33 per litre, while high-speed diesel saw a surge of Rs6.02, kerosene oil Rs6.08, and light diesel oil Rs5.43.
After completing its calculations, the Oil and Gas Regulatory Authority (OGRA) will send a summary to the Petroleum Division for final approval.
High-speed diesel is widely used in the transport and agriculture sectors, and an increase in their prices would impact the masses heavily because of a potential surge in inflation.
Petrol is used in cars and motorbikes, and in the absence of electric vehicles in the country, its only alternative is compressed natural gas (CNG). Kerosene oil is commonly used in remote areas of the country, primarily for cooking, as liquefied natural gas (LNG) is not usually available there. Pakistan’s security forces are also among the major consumers of kerosene oil in far-off areas, including the northern parts of Pakistan.
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https://www.dawn.com/news/1675403/opposition-leaders-slam-govts-brutality-as-petroleum-prices-soar-to-all-time-high
The historic hike in prices of petroleum products has drawn condemnation from opposition parties' leaders, with Jamaat-i-Islami (JI) chief Siarjul Haq accusing the PTI government of being "indifferent to the sufferings of inflation-hit masses".
The government last night notified an unprecedented increase in the prices of all petroleum products by up to Rs10 to Rs12 per litre for the next fortnight ending on Feb 28 "to pass on the impact of higher international oil prices" and application of additional petroleum levy, as committed to the International Monetary Fund (IMF).
These are the highest-ever prices of all the products and also perhaps the highest-ever increase in their prices in one go.
The government had last increased the petrol prices by Rs 3.01 to Rs147.83 on Jan 15.
Haq, the JI head, said his party "will not remain silent on this brutality", adding that the hike was another example of the government's "brutality" as he threatened a protest march towards Islamabad.
PPP chairperson Bilawal Bhutto Zardari criticised the rate hike and said the days of the "'selected government are numbered", adding that the citizens will not accept it at any cost.
Bilawal also said the long march planned by his party on Feb 27 will hold the government accountable for its policies.PML-N's Ishaq Dar noted the rate hike was unaffordable for the public, saying it was the result of a "dictated devaluation in Pakistani rupee".
Meanwhile, PPP's Nafisa Shah questioned how people would make their ends meet after the steep hike.
Another PPP leader Naz Baloch, formerly a PTI member, said the price surge would directly result in a new high in inflation.
The decision for the unprecedented hike was announced yesterday by the Ministry of Finance after Prime Minister Imran Khan agreed to raise a levy on all petroleum products by Rs4 per litre to honour the commitment made with the IMF for smooth continuation of the ongoing Extended Fund Facility (EFF). However, the GST rate on all these products was kept unchanged at zero.
Petrol and HSD are two major products that generate most of the revenue for the government because of their massive and yet growing consumption in the country. Average petrol sales are touching 750,000 tonnes per month against the monthly consumption of around 800,000 tonnes of HSD. The sales of kerosene and LDO are generally less than 11,000 and 2,000 tonnes per month, respectively.
The historic hike in prices of petroleum products has drawn condemnation from opposition parties' leaders, with Jamaat-i-Islami (JI) chief Siarjul Haq accusing the PTI government of being "indifferent to the sufferings of inflation-hit masses".
The government last night notified an unprecedented increase in the prices of all petroleum products by up to Rs10 to Rs12 per litre for the next fortnight ending on Feb 28 "to pass on the impact of higher international oil prices" and application of additional petroleum levy, as committed to the International Monetary Fund (IMF).
These are the highest-ever prices of all the products and also perhaps the highest-ever increase in their prices in one go.
The government had last increased the petrol prices by Rs 3.01 to Rs147.83 on Jan 15.
Haq, the JI head, said his party "will not remain silent on this brutality", adding that the hike was another example of the government's "brutality" as he threatened a protest march towards Islamabad.
PPP chairperson Bilawal Bhutto Zardari criticised the rate hike and said the days of the "'selected government are numbered", adding that the citizens will not accept it at any cost.
Bilawal also said the long march planned by his party on Feb 27 will hold the government accountable for its policies.PML-N's Ishaq Dar noted the rate hike was unaffordable for the public, saying it was the result of a "dictated devaluation in Pakistani rupee".
Meanwhile, PPP's Nafisa Shah questioned how people would make their ends meet after the steep hike.
Another PPP leader Naz Baloch, formerly a PTI member, said the price surge would directly result in a new high in inflation.
The decision for the unprecedented hike was announced yesterday by the Ministry of Finance after Prime Minister Imran Khan agreed to raise a levy on all petroleum products by Rs4 per litre to honour the commitment made with the IMF for smooth continuation of the ongoing Extended Fund Facility (EFF). However, the GST rate on all these products was kept unchanged at zero.
Petrol and HSD are two major products that generate most of the revenue for the government because of their massive and yet growing consumption in the country. Average petrol sales are touching 750,000 tonnes per month against the monthly consumption of around 800,000 tonnes of HSD. The sales of kerosene and LDO are generally less than 11,000 and 2,000 tonnes per month, respectively.
Major
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Mashallah.... Rs. 160 now and eletrciity prices soured up.
Allaha bachai humay Imran Khan sey. History's worst pm ever
Allaha bachai humay Imran Khan sey. History's worst pm ever
Azzurri
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Mate isn't it direcly linked with Oil prices world wide? What do you expect IK to do here, when pakistan is importing most of it's crude oil
Vegitto1
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Use the tax revenue to subsidise the prices! Oh wait, Pakistanis hate to pay taxes so they want Imran Khan to sell his kidneys to subsidise the rise in price.
Major
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Haye bexhara IK.......
Mate, its the job of the pm to implement a minimum wage or salary.
He is not able to do that, infact he goes on facebook and media and begs company kay plz allah kay naam per increase salaries of people.
Its the govts job to implement a basici minimum wage and force companies to implement it.
Also, imran will be bashed for petrol prices due to his election campaign. People dont bash him just for the sake of petrol prices, they bash him because when he was doing his dharna and living comfortably in his mancave container, he blamed high petrol prices on pmln and when prices reduce he said it was because of his pressure on govt.
See when you apply illogical stuff, than those illogical stuff come back to bite. You create that thinking and atmosphere
Major
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You know why pakistanis hate to pay taxes?
Because everything here has high gst and tariffs. We are being forced to buy local which is substandard. The companies that sell local they have influence to keep high tariifs on imports which are of good quality. For example cars.
A 2000 us dollar car is price at 20 lakh in pakistan....
Than, even aftertaxes sre paid, do you think that monry is spent on the awaam?
There is nothing that the public is getting for paying taxes. Nothing at all.
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The opposition leaders lambasted the Pakistan Tehreek-e-Insaf (PTI) on Wednesday for a record hike in the price of petroleum products, calling the increase in the price like exploding a “petrol bomb” on people.
A day earlier, at the stroke of midnight, the government made a massive increase of up to Rs12.03 per litre in the prices of petroleum products, taking that of petrol to a record level of Rs159.86 per litre effective from February 16. The price of petrol broke all previous records by reaching the Rs160 per litre mark.
In a tweet, Pakistan Muslim League-Nawaz (PML-N) President Shehbaz Sharif termed the hike "insensitive, heartless and cruel". He urged the masses to teach Imran Khan a "befitting lesson at the time of elections".
A day earlier, at the stroke of midnight, the government made a massive increase of up to Rs12.03 per litre in the prices of petroleum products, taking that of petrol to a record level of Rs159.86 per litre effective from February 16. The price of petrol broke all previous records by reaching the Rs160 per litre mark.
In a tweet, Pakistan Muslim League-Nawaz (PML-N) President Shehbaz Sharif termed the hike "insensitive, heartless and cruel". He urged the masses to teach Imran Khan a "befitting lesson at the time of elections".
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The opposition on Thursday suffered a defeat in the Senate despite its numerical majority as the government managed to have three bills passed by the house.
During key the legislation, the opposition parties were unable to show their majority as the treasury benches went on to have two amendment bills to the Oil and Gas Regulatory Authority (Ogra) Ordinance passed as well as the Allied Health Professional Council Bill.
Before the introduction of the Ogra (Amendment) Bill, 2022 and the Ogra (Second Amendment) Bill, 2022 in the house for their approval, the opposition lawmakers demanded that they should be referred to the relevant standing committee again.
However, the ministers pointed out that they had been unanimously passed by the relevant committee and referring it back to the body was not just unprecedented but would also create an embarrassing situation for it.
Minister of State for Parliamentary Affairs Ali Muhammad Khan moved the two Ogra amendment bills in the house.
Jamaat-e-Islami Senator Mushtaq Ahmad Khan sought permission to introduce further amendments in the bills.
Federal Science and Technology Minister Shibli Faraz responded that it was against parliamentary tradition to make changes in the bills when the relevant committee had unanimously them.
Leader of the Opposition in the House Yousuf Raza Gilani said the government should assure the opposition member that it would consider his amendments later, to which Shibli replied in the affirmative.
However, Senator Mushtaq maintained that the government had moved the two amendment bills at the behest of the International Monetary Fund (IMF) – which was tantamount to abolishing the role of parliament.
Shibli told him that regulatory authorities should not be under the control of the government. He added that the IMF or the Council of Common Interests (CCI) had nothing to do with the bills. “We want to empower the regulatory authority through this legislation.”
Chipping in the debate, PPP Senator Mian Raza Rabbani said the CCI had been sidelined by the government while making the move. “The government is transferring powers to the authorities from the federation at the request of the IMF,” he added.
Senator Sherry Rehman, also of the PPP, carried the argument forward by saying that the authorities concerned should be made independent but not more than the country itself.
“Don't make the Senate a party in such matters. If such bills are passed, then where will the rights of the provinces go?” she asked.
Read More: IHC CJ calls huddle of govt high-ups on 22nd
The minister of state for parliamentary affairs said the government could not even think of violating CCI or the Constitution.
Leader of the House Senator Shahzad Waseem urged the House to pass the bills as they were unanimously approved by the standing committee, which comprised of members from all parties.
After disagreement between the government and the opposition on the bills, Senate Chairman Sadiq Sanjrani postponed them and allowed the Allied Health Professional Council Bill to be introduced in the House.
The number of treasury members in the House was 42 against 57 of the opposition.
However, 29 votes were cast in favour of the bill and a similar number were cast against it. It all came down to the chairman, who quipped that he was in trouble once again. He later cast his vote in the favour of the government. On the occasion of the bill’s approval, no opposition member raised any objection and the legislation was passed unanimously.
Later, on the request of the treasury members, the chairman, allowed the Ogra amendment bills to be introduced in the House again.
In protest against the move, the opposition walked out of the House, after which the government easily passed both the bills.
The opposition raised the issue of the recent increase in the prices of petroleum products in the House, but the matter could not be discussed after its walkout.
Speaking on a point of objection, opposition leader Gilani pointed out that the whole nation was worried about the rise in fuel prices.
He added that the government should not overburden the people in this manner and the opposition rejected the price hike.
Leader of the House Senator Waseem replied that the prices of petroleum products had increased by 35% in the last two months in the global market.
Read Also: Saudi army chief makes 'historic' first trip to India
“Today, the price of a barrel of oil in the international market has gone up to $93,” he added.
The senator further maintained that the government had reduced the levy tax on petroleum products and brought the sales tax on them to zero.
“The government is carrying as much burden as it can.”
The statement of objects and reasons of the Oil and Gas Regulatory Authority (Amendment) Bill, 2022 said that the purpose of the amendments was to ensure natural gas pricing on regular basis.
Ogra through these amendments shall eliminate gaps between regular, semi-annual tariff determination and notification.
Similarly, the statement of objects and reasons of Oil and Gas Regulatory Authority (Second Amendment) Bill, said that the bill aimed at bringing the entire Liquefied Natural Gas (LNG), Re-gasified Natural Gas (RLNG) licensing and price, under regulatory framework.
This will also empower Ogra to determine and notify the RLNG sale price.
During key the legislation, the opposition parties were unable to show their majority as the treasury benches went on to have two amendment bills to the Oil and Gas Regulatory Authority (Ogra) Ordinance passed as well as the Allied Health Professional Council Bill.
Before the introduction of the Ogra (Amendment) Bill, 2022 and the Ogra (Second Amendment) Bill, 2022 in the house for their approval, the opposition lawmakers demanded that they should be referred to the relevant standing committee again.
However, the ministers pointed out that they had been unanimously passed by the relevant committee and referring it back to the body was not just unprecedented but would also create an embarrassing situation for it.
Minister of State for Parliamentary Affairs Ali Muhammad Khan moved the two Ogra amendment bills in the house.
Jamaat-e-Islami Senator Mushtaq Ahmad Khan sought permission to introduce further amendments in the bills.
Federal Science and Technology Minister Shibli Faraz responded that it was against parliamentary tradition to make changes in the bills when the relevant committee had unanimously them.
Leader of the Opposition in the House Yousuf Raza Gilani said the government should assure the opposition member that it would consider his amendments later, to which Shibli replied in the affirmative.
However, Senator Mushtaq maintained that the government had moved the two amendment bills at the behest of the International Monetary Fund (IMF) – which was tantamount to abolishing the role of parliament.
Shibli told him that regulatory authorities should not be under the control of the government. He added that the IMF or the Council of Common Interests (CCI) had nothing to do with the bills. “We want to empower the regulatory authority through this legislation.”
Chipping in the debate, PPP Senator Mian Raza Rabbani said the CCI had been sidelined by the government while making the move. “The government is transferring powers to the authorities from the federation at the request of the IMF,” he added.
Senator Sherry Rehman, also of the PPP, carried the argument forward by saying that the authorities concerned should be made independent but not more than the country itself.
“Don't make the Senate a party in such matters. If such bills are passed, then where will the rights of the provinces go?” she asked.
Read More: IHC CJ calls huddle of govt high-ups on 22nd
The minister of state for parliamentary affairs said the government could not even think of violating CCI or the Constitution.
Leader of the House Senator Shahzad Waseem urged the House to pass the bills as they were unanimously approved by the standing committee, which comprised of members from all parties.
After disagreement between the government and the opposition on the bills, Senate Chairman Sadiq Sanjrani postponed them and allowed the Allied Health Professional Council Bill to be introduced in the House.
The number of treasury members in the House was 42 against 57 of the opposition.
However, 29 votes were cast in favour of the bill and a similar number were cast against it. It all came down to the chairman, who quipped that he was in trouble once again. He later cast his vote in the favour of the government. On the occasion of the bill’s approval, no opposition member raised any objection and the legislation was passed unanimously.
Later, on the request of the treasury members, the chairman, allowed the Ogra amendment bills to be introduced in the House again.
In protest against the move, the opposition walked out of the House, after which the government easily passed both the bills.
The opposition raised the issue of the recent increase in the prices of petroleum products in the House, but the matter could not be discussed after its walkout.
Speaking on a point of objection, opposition leader Gilani pointed out that the whole nation was worried about the rise in fuel prices.
He added that the government should not overburden the people in this manner and the opposition rejected the price hike.
Leader of the House Senator Waseem replied that the prices of petroleum products had increased by 35% in the last two months in the global market.
Read Also: Saudi army chief makes 'historic' first trip to India
“Today, the price of a barrel of oil in the international market has gone up to $93,” he added.
The senator further maintained that the government had reduced the levy tax on petroleum products and brought the sales tax on them to zero.
“The government is carrying as much burden as it can.”
The statement of objects and reasons of the Oil and Gas Regulatory Authority (Amendment) Bill, 2022 said that the purpose of the amendments was to ensure natural gas pricing on regular basis.
Ogra through these amendments shall eliminate gaps between regular, semi-annual tariff determination and notification.
Similarly, the statement of objects and reasons of Oil and Gas Regulatory Authority (Second Amendment) Bill, said that the bill aimed at bringing the entire Liquefied Natural Gas (LNG), Re-gasified Natural Gas (RLNG) licensing and price, under regulatory framework.
This will also empower Ogra to determine and notify the RLNG sale price.
gazza619
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It is actually a global issue at the moment.
Major
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global prices is not an issue...
issue is the purchasing power parity. Someone with a better wage in uk can afford petrol, in Paksitan you cant with the low salaries
Mamoon
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“Global issue”
2014
Price of crude oil: $95/barrel.
Cost of petrol in Pakistan: PKR 82/L
2022
Price of crude oil: $92/barrel
Cost of petrol in Pakistan: PKR 160/L.
Imran is, by some distance, the worst PM this country has ever seen and I don’t think anyone will ever be able to top him.
He fooled millions with his fake promises, tall claims, delusional statements and lies/false accusations.
He has made the country unlivable for the non-privileged class. The common man on the streets is cursing and abusing him on daily basis and for good reason.
They couldn’t care less about “corruption” drama when they are worse off in Naya Pakistan than they were under PMLN or PPP.
As far as financial corruption is concerned, everyone knows that Imran is a freeloader.
He has been sponsored by mafia leaders and shady businessmen for decades for their own vested interests and everything has been free for him.
That certainly makes him complicit in corruption and money laundering.
2014
Price of crude oil: $95/barrel.
Cost of petrol in Pakistan: PKR 82/L
2022
Price of crude oil: $92/barrel
Cost of petrol in Pakistan: PKR 160/L.
Imran is, by some distance, the worst PM this country has ever seen and I don’t think anyone will ever be able to top him.
He fooled millions with his fake promises, tall claims, delusional statements and lies/false accusations.
He has made the country unlivable for the non-privileged class. The common man on the streets is cursing and abusing him on daily basis and for good reason.
They couldn’t care less about “corruption” drama when they are worse off in Naya Pakistan than they were under PMLN or PPP.
As far as financial corruption is concerned, everyone knows that Imran is a freeloader.
He has been sponsored by mafia leaders and shady businessmen for decades for their own vested interests and everything has been free for him.
That certainly makes him complicit in corruption and money laundering.
Mamoon
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Once upon a time, Imran said that the corruption of a government can be witnessed by petrol price hikes.
Today, his government has overseen the largest petrol price hike in Pakistan’s history.
As I have said multiple times, he does not need opposition. His own past statements are his biggest opposition.
Today, his government has overseen the largest petrol price hike in Pakistan’s history.
As I have said multiple times, he does not need opposition. His own past statements are his biggest opposition.
Ahmad-GERMANFC
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Which world were you paying these prices I want to know.
Will you just make up stuff on the go?? While there is a difference but it’s not that much and most of it can be explained by the weak exchange rate for which the prior governments are equally culpable.
On Feb 16th 2022 E10 Gasoline was Rs. 134 And Premier Euro 5 was Rs. 159
On Feb 1st 2014 E10 Gasoline was Rs. 110 And Premier Euro 5 was Rs. 112
The income of the Pakistani awaam has definitely gone up (in rupee terms, not real terms) so as far as fuel is concerned we are actually paying less. Cost of fuel isn’t the failing of this government. It’s failure to control food inflation.
Savak
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Cost of Petrol will go high when your exchange rate declines. The dollar was $105 in 2014, it is $178 now.
Major
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well said,
he is a well known free loader, but hey that doesnt come under corruption, so that is ok by pti fans
Major
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and the dollar was 108 by the begining of 2018, it was after immy came in power that we have seen it rise from 108 to 176...
atleast during nawaz time the rise was only 4 ruppees in rise
Ahmad-GERMANFC
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Is lying and making up fake numbers you and Mamoons favorite past time?
USD
KR was 123.60 the day Imran Khan came to power. That's literally a 15 rupee difference to what you're claiming.When PML-N came to power it was 97.6. So either you are lying or your math is ridiculously bad because that is not a 4 rupee difference.
Last edited by a moderator:
Major
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Is lying and making up fake numbers you and Mamoons favorite past time?
USD
When PML-N came to power it was 97.6. So either you are lying or your math is ridiculously bad because that is not a 4 rupee difference.
Atleast it was not 179 under you know who....
Ahmad-GERMANFC
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What do you have to say about your fake claims and lies?
Major
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yes this is the issue of great concern, not that rs 179 was dollar rate under immy and petrol is touching 160. The same guy who said, the corruption of a government can be witnessed by petrol price hikes.
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https://tribune.com.pk/story/2344435/pakistan-cheapest-country-says-tarin
Days after the government increased the prices of petroleum products by up to Rs12, Finance Minister Shaukat Tarin on Sunday shared a table from a crowd-sourced database, Numbeo, claiming Pakistan to be one of the "least costly" countries across the globe. The table titled 'The Cost of Living Index by Country 2021 Mid-Year' showed Pakistan to be at the bottom of the list out of 139 countries. The table included the cost of living, groceries, rent, restaurant pricing and purchasing power.
The website also claims that a "family of four estimated monthly costs are Rs171,783.24 without rent", whereas "a single person estimated monthly costs are Rs51,798.76 without rent."
It is pertinent to note here that the minimum wage in Pakistan is a mere Rs20,000. According to the table, India ranked at 138th while Afghanistan ranked at 136th. Bermuda ranked at the top being the most expensive country across the world, whereas Switzerland ranked at the 2nd place.
However, in 2017, a report in a Swedish newspaper had said, "Numbeo should hardly be considered stats, it’s more like reviews. Anyone, anywhere in the world can change the data, as many times as they want."
The website "uses wisdom of the crowd to get as reliable data as possible" and is easy to manipulate.
The tweet by the finance minister came a few days after the government approved a massive increase in the prices of petroleum products on account of rising global prices.
On Tuesday, the government okayed up to Rs12.03 per litre in the prices of petroleum products, taking petrol to a record level of Rs159.86 per litre effective from February 16.
Meanwhile, a significant increase in the prices of power tariffs is also on the card. Power tariff is likely to increase by Rs6.10 per unit on account of fuel cost adjustment (FCA) for the month of January this year as the National Electric Power Regulatory Authority (Nepra) will hear an application filed by the Central Power Purchasing Agency (CPPA-G) on February 28.
Days after the government increased the prices of petroleum products by up to Rs12, Finance Minister Shaukat Tarin on Sunday shared a table from a crowd-sourced database, Numbeo, claiming Pakistan to be one of the "least costly" countries across the globe. The table titled 'The Cost of Living Index by Country 2021 Mid-Year' showed Pakistan to be at the bottom of the list out of 139 countries. The table included the cost of living, groceries, rent, restaurant pricing and purchasing power.
The website also claims that a "family of four estimated monthly costs are Rs171,783.24 without rent", whereas "a single person estimated monthly costs are Rs51,798.76 without rent."
It is pertinent to note here that the minimum wage in Pakistan is a mere Rs20,000. According to the table, India ranked at 138th while Afghanistan ranked at 136th. Bermuda ranked at the top being the most expensive country across the world, whereas Switzerland ranked at the 2nd place.
However, in 2017, a report in a Swedish newspaper had said, "Numbeo should hardly be considered stats, it’s more like reviews. Anyone, anywhere in the world can change the data, as many times as they want."
The website "uses wisdom of the crowd to get as reliable data as possible" and is easy to manipulate.
The tweet by the finance minister came a few days after the government approved a massive increase in the prices of petroleum products on account of rising global prices.
On Tuesday, the government okayed up to Rs12.03 per litre in the prices of petroleum products, taking petrol to a record level of Rs159.86 per litre effective from February 16.
Meanwhile, a significant increase in the prices of power tariffs is also on the card. Power tariff is likely to increase by Rs6.10 per unit on account of fuel cost adjustment (FCA) for the month of January this year as the National Electric Power Regulatory Authority (Nepra) will hear an application filed by the Central Power Purchasing Agency (CPPA-G) on February 28.
Gharib Aadmi
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The prices for a litre in PKR as of 21-Feb-2022.
Pakistan - 160
India - 242
Bangladesh - 183
Nepal - 214
Sri Lanka - 180
Bhutan- 203
Afghanistan - 177
https://www.globalpetrolprices.com/gasoline_prices/
Pakistan has the cheapest price in South Asia. The price should be alot higher, so instead of complaining be grateful.
Pakistan - 160
India - 242
Bangladesh - 183
Nepal - 214
Sri Lanka - 180
Bhutan- 203
Afghanistan - 177
https://www.globalpetrolprices.com/gasoline_prices/
Pakistan has the cheapest price in South Asia. The price should be alot higher, so instead of complaining be grateful.
shaz619
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Super expensive here in the UK to, whole world has been impacted by inflation and the covid fallout. I close my eyes when I go to fuel up 
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Oil prices jumped today with Brent rising above $105 a barrel for the first time since 2014 – after Russia's invasion of Ukraine exacerbated concerns about disruptions to global energy supply
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Prime Minister Imran Khan is addressing the nation to take them into confidence over the country’s economic situation and global challenges amid escalating Russia-Ukraine conflict.
“I always wanted that Pakistan pursue independent foreign policy that should be in the country’s interest,” PM Imran said at the beginning of his address.
He said when Pakistan joined the US war on terror during former military ruler Pervez Musharraf era, the country paid heavy price in terms of economic and human losses.
“I always opposed that [Pakistan] had nothing to do with the US war in Afghanistan.”
PM Imran while referring to the PPP and the PML-N governments said: “Both the democratic governments remained tight-lipped when the US was carrying drone strikes in Pakistan... even [former president] Zardari told one US official that ‘we did not care about collateral damage’.”
“I always opposed that [Pakistan] had nothing to do with the US war in Afghanistan.”
PM Imran said his recent visit to Russia was aimed at strengthening economic ties with country was planning to import two million tons of wheat from Moscow as well as striking gas agreement.
He also briefly touched on his visit to China where attended Beijing Olympics saying the result of the visit will be visible with the start of the CPEC second phase.
Earlier, Federal Minister for Information and Broadcasting Fawad Chaudhry confirmed that PM Imran will be addressing the nation later in the day.
The minister said that the premier will “take the nation into confidence” to discuss the “economy and global challenges” the country will face in light of the ongoing Ukraine crisis.
On February 24, Prime Minister Imran Khan told Russian President Vladimir Putin that disputes should be resolved through dialogue and diplomacy as he regretted the latest situation between Russia and Ukraine, said a Foreign Office statement.
The conflict caused oil prices to jump, with Brent crude rising above $105 a barrel for the first time since 2014, after Russia’s attack on Ukraine exacerbated concerns about disruptions to global energy supply.
“Russia is the third largest oil producer and second largest oil exporter. Given low inventories and dwindling spare capacity, the oil market cannot afford large supply disruptions,” UBS analyst Giovanni Staunovo said.
A day earlier, for the first time since the start of Russian invasion, Foreign Minister Shah Mahmood Qureshi held a telephonic conversation with his Ukrainian counterpart to discuss the situation, calling for de-escalation of tensions between Russia and Ukraine. However, the conversation stopped short of either condemning the Russian invasion or showing explicit support to Kyiv in a calculated move to maintain a delicate balance.
Russia-Ukraine conflict
On February 24, Russian forces fired missiles at several cities in Ukraine and landed troops on its coast, officials and media said, after President Vladimir Putin authorised what he called a special military operation in the east.
Ukrainian soldiers battled Russian forces on three sides after Moscow mounted an assault by land, sea and air in the biggest attack on a European state since World War II.
Explosions and gunfire were heard throughout the morning in Kyiv, as missiles rained down on targets and authorities reported columns of troops pouring across Ukraine’s borders from Russia and Belarus to the north and east, and landing on the southern coasts from the Black Sea and Azov Sea.
Russia's political and economic isolation deepened on Monday (today) as its forces met stiff resistance in Ukraine's capital and other cities in the biggest assault on a European state since World War Two.
President Vladimir Putin put Russia's nuclear deterrent on high alert on Sunday in the face of a barrage of Western-led reprisals for his war on Ukraine, which said it had repelled Russian ground forces' attempts to capture urban centres.
A day earlier, on February 27, Russian military vehicles had pushed into Ukraine's second-largest city and explosions rocked oil and gas installations on a fourth day of fighting in the biggest assault on a European state since World War Two.
Russian soldiers and armoured vehicles were seen in different parts of the northeastern city of Kharkiv and firing could be heard, a witness said. A burning tank was visible in a video posted by the government.
Russian troops blew up a natural gas pipeline in Kharkiv before daybreak, a Ukrainian state agency said, sending a burning cloud up into the darkness.
https://tribune.com.pk/story/2345617/pm-announces-to-reduce-petrol-diesel-prices-by-rs10-per-litre
“I always wanted that Pakistan pursue independent foreign policy that should be in the country’s interest,” PM Imran said at the beginning of his address.
He said when Pakistan joined the US war on terror during former military ruler Pervez Musharraf era, the country paid heavy price in terms of economic and human losses.
“I always opposed that [Pakistan] had nothing to do with the US war in Afghanistan.”
PM Imran while referring to the PPP and the PML-N governments said: “Both the democratic governments remained tight-lipped when the US was carrying drone strikes in Pakistan... even [former president] Zardari told one US official that ‘we did not care about collateral damage’.”
“I always opposed that [Pakistan] had nothing to do with the US war in Afghanistan.”
PM Imran said his recent visit to Russia was aimed at strengthening economic ties with country was planning to import two million tons of wheat from Moscow as well as striking gas agreement.
He also briefly touched on his visit to China where attended Beijing Olympics saying the result of the visit will be visible with the start of the CPEC second phase.
Earlier, Federal Minister for Information and Broadcasting Fawad Chaudhry confirmed that PM Imran will be addressing the nation later in the day.
The minister said that the premier will “take the nation into confidence” to discuss the “economy and global challenges” the country will face in light of the ongoing Ukraine crisis.
On February 24, Prime Minister Imran Khan told Russian President Vladimir Putin that disputes should be resolved through dialogue and diplomacy as he regretted the latest situation between Russia and Ukraine, said a Foreign Office statement.
The conflict caused oil prices to jump, with Brent crude rising above $105 a barrel for the first time since 2014, after Russia’s attack on Ukraine exacerbated concerns about disruptions to global energy supply.
“Russia is the third largest oil producer and second largest oil exporter. Given low inventories and dwindling spare capacity, the oil market cannot afford large supply disruptions,” UBS analyst Giovanni Staunovo said.
A day earlier, for the first time since the start of Russian invasion, Foreign Minister Shah Mahmood Qureshi held a telephonic conversation with his Ukrainian counterpart to discuss the situation, calling for de-escalation of tensions between Russia and Ukraine. However, the conversation stopped short of either condemning the Russian invasion or showing explicit support to Kyiv in a calculated move to maintain a delicate balance.
Russia-Ukraine conflict
On February 24, Russian forces fired missiles at several cities in Ukraine and landed troops on its coast, officials and media said, after President Vladimir Putin authorised what he called a special military operation in the east.
Ukrainian soldiers battled Russian forces on three sides after Moscow mounted an assault by land, sea and air in the biggest attack on a European state since World War II.
Explosions and gunfire were heard throughout the morning in Kyiv, as missiles rained down on targets and authorities reported columns of troops pouring across Ukraine’s borders from Russia and Belarus to the north and east, and landing on the southern coasts from the Black Sea and Azov Sea.
Russia's political and economic isolation deepened on Monday (today) as its forces met stiff resistance in Ukraine's capital and other cities in the biggest assault on a European state since World War Two.
President Vladimir Putin put Russia's nuclear deterrent on high alert on Sunday in the face of a barrage of Western-led reprisals for his war on Ukraine, which said it had repelled Russian ground forces' attempts to capture urban centres.
A day earlier, on February 27, Russian military vehicles had pushed into Ukraine's second-largest city and explosions rocked oil and gas installations on a fourth day of fighting in the biggest assault on a European state since World War Two.
Russian soldiers and armoured vehicles were seen in different parts of the northeastern city of Kharkiv and firing could be heard, a witness said. A burning tank was visible in a video posted by the government.
Russian troops blew up a natural gas pipeline in Kharkiv before daybreak, a Ukrainian state agency said, sending a burning cloud up into the darkness.
https://tribune.com.pk/story/2345617/pm-announces-to-reduce-petrol-diesel-prices-by-rs10-per-litre
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The Economic Coordination Committee (ECC) of the cabinet on Friday approved a proposal to change the formula for determining end-consumer price of high speed diesel, with a view to protecting the oil marketing companies from sustaining a Rs7 per litre loss but the decision would put an additional burden of Rs1.3 billion a month to be borne by the government.
Finance Minister Shaukat Tarin presided over a special meeting of the ECC that took up a single-point agenda. A Finance Ministry hand-out showed that only two ministers, National Food Security Minister Fakhar Imam and Privatization Minister Muhammadmian Soomro, attended the meeting.
The Petroleum Division showed urgency after the oil marketing companies threatened that they could not supply adequate diesel during the coming months, if the pricing formula was not revised. “The chair, after deliberation, approved the summary and directed for revising the premium (on high-speed-diesel) on a fortnightly basis,” according to the Finance Ministry. It said the financial impact of the decision would increase or decrease depending on the international energy market.
The ECC summary showed that the incremental subsidy due to change in the price calculation formula would cost Rs656 million for the first fortnight of April, or Rs1.3 billion a month. The ECC approved the replacement of the benchmark actual premium cost with the average premium of cargos purchased by the Pakistan State Oil (PSO).
In July 2020, the ECC had approved the parameters to determine ex-refinery prices of petrol and high-speed diesel whereby the base price was fixed on the basis of 15 days average FOB prices of the Arab Gulf market (published in the Platts Oilgram). To the above base price, the PSO’s last available average Import premium and incidental charges were added to arrive at C&F prices for finalising the local consumer prices.
As per the existing arrangements, the PSO imports its petrol requirements entirely through spot tendering, while bulk of its HSD imports are made from the Kuwait Petroleum Corporation (KPC) on the basis of a long-term agreement, which is revised biannually.
The Petroleum Division stated that the premium on a long-term basis was lesser than the tendered premium. Presently, the KPC premium for PSO’s HD cargoes for Jan-June 2022 is 2.40/bbl. In case, KPC is unable to meet PSO’s HSD demand, the same is imported from the spot market.
When PSO procures from both sources (KPC & spot market), the weighted average of KPC and spot premium is used as a benchmark to calculate the consumer price. Now, the ECC has allowed the revision of the premium calculation method. Oil Companies Advisory Council had stated that HSD premiums for the Industry have been historically higher than PSO, implying that industry was importing HSD at a relatively higher premium as compared to PSO’s benchmark premium.
Due to this, the remaining OMCs are at a disadvantage. This difference has now risen significantly due to the prevailing geo-political situation. The PSO’s tender for the second fortnight of March 2022 opened at $8.45/BBL whereas premiums are even higher in the open market.
The PSO did not receive any offer in their HSD tender for first fortnight of April 2022. Since the current HSD price is benchmarked on the basis of substantial imports by the PSO from Kuwait Petroleum Company at the rate of $2.24per bbl premium, any OMC, importing at the PSO tendered premium, would incur a loss of Rs6.8 per litre, creating an unsustainable position for importers, according to the OCAC.
Therefore, the OMCs have been requested to urgently review this matter and revise the benchmarking process accordingly to save the industry from collapse. The council took the position that under the present volatile market condition due to a war between Russia and Ukraine as well as high demand for HSD in the forthcoming harvesting season, March-May 2022, the existing benchmarking appeared unsustainable and the OMCs would sustain substantial losses and might be unable to import HSD, leading to potential shortages of HSD across the country.
The Petroleum Division had proposed that the Kuwait Petroleum Company premium should be excluded from price computation for the period from April to June, 2022. Accordingly, the premium on HSD import might be benchmarked on PSO’s average tendered premium for the previous fortnight. In case, there was no tender by the PSO in a particular fortnight, the premium from previous tender might be used for calculating the HSD ex-refinery price.
https://tribune.com.pk/story/2349749/ecc-changes-formula-to-determine-hsd-price
Finance Minister Shaukat Tarin presided over a special meeting of the ECC that took up a single-point agenda. A Finance Ministry hand-out showed that only two ministers, National Food Security Minister Fakhar Imam and Privatization Minister Muhammadmian Soomro, attended the meeting.
The Petroleum Division showed urgency after the oil marketing companies threatened that they could not supply adequate diesel during the coming months, if the pricing formula was not revised. “The chair, after deliberation, approved the summary and directed for revising the premium (on high-speed-diesel) on a fortnightly basis,” according to the Finance Ministry. It said the financial impact of the decision would increase or decrease depending on the international energy market.
The ECC summary showed that the incremental subsidy due to change in the price calculation formula would cost Rs656 million for the first fortnight of April, or Rs1.3 billion a month. The ECC approved the replacement of the benchmark actual premium cost with the average premium of cargos purchased by the Pakistan State Oil (PSO).
In July 2020, the ECC had approved the parameters to determine ex-refinery prices of petrol and high-speed diesel whereby the base price was fixed on the basis of 15 days average FOB prices of the Arab Gulf market (published in the Platts Oilgram). To the above base price, the PSO’s last available average Import premium and incidental charges were added to arrive at C&F prices for finalising the local consumer prices.
As per the existing arrangements, the PSO imports its petrol requirements entirely through spot tendering, while bulk of its HSD imports are made from the Kuwait Petroleum Corporation (KPC) on the basis of a long-term agreement, which is revised biannually.
The Petroleum Division stated that the premium on a long-term basis was lesser than the tendered premium. Presently, the KPC premium for PSO’s HD cargoes for Jan-June 2022 is 2.40/bbl. In case, KPC is unable to meet PSO’s HSD demand, the same is imported from the spot market.
When PSO procures from both sources (KPC & spot market), the weighted average of KPC and spot premium is used as a benchmark to calculate the consumer price. Now, the ECC has allowed the revision of the premium calculation method. Oil Companies Advisory Council had stated that HSD premiums for the Industry have been historically higher than PSO, implying that industry was importing HSD at a relatively higher premium as compared to PSO’s benchmark premium.
Due to this, the remaining OMCs are at a disadvantage. This difference has now risen significantly due to the prevailing geo-political situation. The PSO’s tender for the second fortnight of March 2022 opened at $8.45/BBL whereas premiums are even higher in the open market.
The PSO did not receive any offer in their HSD tender for first fortnight of April 2022. Since the current HSD price is benchmarked on the basis of substantial imports by the PSO from Kuwait Petroleum Company at the rate of $2.24per bbl premium, any OMC, importing at the PSO tendered premium, would incur a loss of Rs6.8 per litre, creating an unsustainable position for importers, according to the OCAC.
Therefore, the OMCs have been requested to urgently review this matter and revise the benchmarking process accordingly to save the industry from collapse. The council took the position that under the present volatile market condition due to a war between Russia and Ukraine as well as high demand for HSD in the forthcoming harvesting season, March-May 2022, the existing benchmarking appeared unsustainable and the OMCs would sustain substantial losses and might be unable to import HSD, leading to potential shortages of HSD across the country.
The Petroleum Division had proposed that the Kuwait Petroleum Company premium should be excluded from price computation for the period from April to June, 2022. Accordingly, the premium on HSD import might be benchmarked on PSO’s average tendered premium for the previous fortnight. In case, there was no tender by the PSO in a particular fortnight, the premium from previous tender might be used for calculating the HSD ex-refinery price.
https://tribune.com.pk/story/2349749/ecc-changes-formula-to-determine-hsd-price
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The government is going to bear another brunt of Rs23 billion for the first fortnight of April in order to maintain the existing petroleum prices amid political turmoil in the country and swelling crude oil prices in the wake of the ongoing Russia-Ukraine war.
Earlier, the government had paid a heavy price of Rs28 billion for ongoing month of March due to higher global oil prices.
Prime Minister Imran Khan had announced a reduction of Rs10 per litre in the petroleum prices and that the new rates would remain in place till the FY23 budget.
The global crude oil prices had soared to around $112 per barrel from $94 a barrel before the start of the Russia-Ukraine war.
The war has also led to a drop in the global stocks of diesel and other distillates to the lowest seasonal level since 2008.
According to the US Energy Information Administration, the distillate fuel oil inventories in the United States fell by 21% to 30 million barrels, which were below the pre-pandemic five-year seasonal average and at the lowest level since 2005.
The stocks in Europe dropped 8% to 35 million barrels, which were also below the pre-pandemic five-year average and at the lowest level since 2008.
Sources told The Express Tribune that the increase in global oil prices and depreciation of the rupee against the dollar had pushed the price of diesel up by Rs37.9 and petrol Rs20 per litre for first fortnight of April.
However, the government had decided to keep oil prices unchanged till the next budget due to political turmoil in the country and therefore, the government would have to bear this possible increase in prices of petrol and diesel.
In order to maintain the existing oil prices, the government would have to pay price differential claims worth Rs23 billion for the first fortnight of April, officials said.
They said that the rupee had depreciated by 1.76 per cent from Rs178.83 to Rs181.97, registering a decrease of Rs3.14 that had also pushed the prices of petroleum products further up.
In addition, there had been an increase in the rate of premium on imports of petrol and diesel that would also push the prices up.
The premium on petroleum products imports is up due to shortage of oil globally after the Russia-Ukraine war.
Now, the government had revised the premium rate upwards keeping in view higher rates in the international market.
The Economic Coordination Committee of the Cabinet had recently approved revision in premium on diesel and petrol imports amid higher global oil prices.
The premium (freight and supplier's margin) is a lump sum cost of the supplier/exporter, which is either negotiated or offered in a tender process. The Pakistan State Oil, being a public sector company, is obligated to procure imports in accordance with the PPRA rules/regulations.
As per the existing arrangements, the PSO imports its Mogas requirements entirely through spot tendering, while the bulk of its high speed diesel imports is made from Kuwait Petroleum Corporation (KPC) following a long-term agreement, revised/reviewed biannually.
The premium on a long-term basis is lesser than the tendered premium. Presently, the KPC premium for PSO's HSD cargoes for Jan-June, 2022 is $2.40 per barrel.
The Oil Companies Advisory Council had stated that the HSD premiums for the industry had been historically higher than PSO.
It had informed that the oil industry was importing the HSD at a relatively higher premium as compared to the PSO's benchmark premium.
The remaining OMCs were facing loss due to this as the difference went up sharply in the current prevailing geopolitical situation.
The PSO's tender for the second fortnight of March 2022 opened at $8.45 per barrel whereas premiums were even higher in the open market. The PSO did not receive any offer in their HSD tender for the first fortnight of April 2022.
Since the current HSD price is benchmarked on the basis of substantial imports by PSO from KPC ($2.4 per barrel), any OMC importing at the PSO tendered premium ($8.45 per barrel) would have incurred a loss of up to Rs6.8 per litre, creating an unsustainable position for importers.
Therefore, the OMCs had requested to urgently review this matter and revise the benchmarking process accordingly to save the industry from collapse.
Under the present volatile market condition due to war between Russia and Ukraine as well as high demand of HSD in the forthcoming harvesting season during March-May 2022, the oil industry said that the existing benchmarking had been unsustainable and the OMCs would have sustained substantial losses, being unable to import the HSD leading to potential shortages of it across the country.
The Petroleum Division, after consultation with Ogra in a number of meetings and on the basis of its recommendations in these meetings, had informed the ECC that the KPC premium need to be excluded from price computation for a period from April to June 2022.
https://tribune.com.pk/story/2350070/govt-to-bear-brunt-of-rs23b-to-maintain-pol-prices
Earlier, the government had paid a heavy price of Rs28 billion for ongoing month of March due to higher global oil prices.
Prime Minister Imran Khan had announced a reduction of Rs10 per litre in the petroleum prices and that the new rates would remain in place till the FY23 budget.
The global crude oil prices had soared to around $112 per barrel from $94 a barrel before the start of the Russia-Ukraine war.
The war has also led to a drop in the global stocks of diesel and other distillates to the lowest seasonal level since 2008.
According to the US Energy Information Administration, the distillate fuel oil inventories in the United States fell by 21% to 30 million barrels, which were below the pre-pandemic five-year seasonal average and at the lowest level since 2005.
The stocks in Europe dropped 8% to 35 million barrels, which were also below the pre-pandemic five-year average and at the lowest level since 2008.
Sources told The Express Tribune that the increase in global oil prices and depreciation of the rupee against the dollar had pushed the price of diesel up by Rs37.9 and petrol Rs20 per litre for first fortnight of April.
However, the government had decided to keep oil prices unchanged till the next budget due to political turmoil in the country and therefore, the government would have to bear this possible increase in prices of petrol and diesel.
In order to maintain the existing oil prices, the government would have to pay price differential claims worth Rs23 billion for the first fortnight of April, officials said.
They said that the rupee had depreciated by 1.76 per cent from Rs178.83 to Rs181.97, registering a decrease of Rs3.14 that had also pushed the prices of petroleum products further up.
In addition, there had been an increase in the rate of premium on imports of petrol and diesel that would also push the prices up.
The premium on petroleum products imports is up due to shortage of oil globally after the Russia-Ukraine war.
Now, the government had revised the premium rate upwards keeping in view higher rates in the international market.
The Economic Coordination Committee of the Cabinet had recently approved revision in premium on diesel and petrol imports amid higher global oil prices.
The premium (freight and supplier's margin) is a lump sum cost of the supplier/exporter, which is either negotiated or offered in a tender process. The Pakistan State Oil, being a public sector company, is obligated to procure imports in accordance with the PPRA rules/regulations.
As per the existing arrangements, the PSO imports its Mogas requirements entirely through spot tendering, while the bulk of its high speed diesel imports is made from Kuwait Petroleum Corporation (KPC) following a long-term agreement, revised/reviewed biannually.
The premium on a long-term basis is lesser than the tendered premium. Presently, the KPC premium for PSO's HSD cargoes for Jan-June, 2022 is $2.40 per barrel.
The Oil Companies Advisory Council had stated that the HSD premiums for the industry had been historically higher than PSO.
It had informed that the oil industry was importing the HSD at a relatively higher premium as compared to the PSO's benchmark premium.
The remaining OMCs were facing loss due to this as the difference went up sharply in the current prevailing geopolitical situation.
The PSO's tender for the second fortnight of March 2022 opened at $8.45 per barrel whereas premiums were even higher in the open market. The PSO did not receive any offer in their HSD tender for the first fortnight of April 2022.
Since the current HSD price is benchmarked on the basis of substantial imports by PSO from KPC ($2.4 per barrel), any OMC importing at the PSO tendered premium ($8.45 per barrel) would have incurred a loss of up to Rs6.8 per litre, creating an unsustainable position for importers.
Therefore, the OMCs had requested to urgently review this matter and revise the benchmarking process accordingly to save the industry from collapse.
Under the present volatile market condition due to war between Russia and Ukraine as well as high demand of HSD in the forthcoming harvesting season during March-May 2022, the oil industry said that the existing benchmarking had been unsustainable and the OMCs would have sustained substantial losses, being unable to import the HSD leading to potential shortages of it across the country.
The Petroleum Division, after consultation with Ogra in a number of meetings and on the basis of its recommendations in these meetings, had informed the ECC that the KPC premium need to be excluded from price computation for a period from April to June 2022.
https://tribune.com.pk/story/2350070/govt-to-bear-brunt-of-rs23b-to-maintain-pol-prices
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The price of diesel is set to cross Rs200 per litre for the first time in history on the back of soaring crude oil prices in the global market and sharp depreciation of the rupee against the
US dollar.
In the second fortnight of current month starting April 16, the newly formed government would be required to either jack up the price of diesel by Rs60.54 per litre or enhance subsidy to maintain the existing price, officials said.
If the leadership chooses to increase the price, the per-litre diesel cost will jump to Rs204.69.
Earlier, former prime minister Imran Khan announced a reduction of Rs10 per litre in petrol and diesel prices and a price freeze till the announcement of budget for 2022-23.
Sources pointed out that the new government would be in a critical situation and might choose not to increase prices in a bid to win over public support.
Officials said that the previous Pakistan Tehreek-e-Insaf (PTI) government had maintained petroleum prices since mid-March, which pushed up the subsidy bill for petroleum products by Rs30 billion for the first fortnight of April.
However, the decision of keeping oil prices unchanged had no legal cover as it had not been officially approved.
If the current government decides to continue the policy, then it will be forced to give another Rs30 billion in subsidy from April 16 to 30. Overall, it will have to bear a burden of Rs60 billion for keeping oil prices unchanged.
Officials said that the rupee depreciation against the US dollar had also had an impact, which resulted in an increase in petroleum prices by Rs5.54 per litre, or 3.03%. The average dollar value jumped from Rs182.15 to Rs188.15 in the past
few days.
High-speed diesel (HSD) is mainly used in transport and agriculture sectors. At present, the sowing season is underway, therefore, the fuel consumption will be higher, which will place an additional burden of subsidy or price differential claims (PDC) on the government.
On the other hand, the government will have to either hike the petrol price by Rs24.1 per litre or give subsidy to keep it unchanged for the next fortnight. Petrol is used in motorbikes and cars across the country.
Compressed natural gas (CNG) stations in Punjab have already switched over to expensive imported gas, therefore, consumers in the province will face a major crisis if the petrol price goes up.
The government will also have to give a subsidy of Rs38.41 per litre on kerosene oil and Rs39.56 per litre on light diesel oil.
Kerosene oil is used in the remote areas where LPG is not available. The largest consumer of kerosene oil is Pakistan Army in the northern parts of the country. Light diesel oil is used in the industry.
Circular debt in the oil and gas sectors is worsening and with the accumulation of subsidy and PDC, the debt will increase further in the coming days.
The Petroleum Division sent a summary to the Economic Coordination Committee (ECC) on April 1, 2022, seeking allocation of an additional Rs55 billion through a supplementary grant for the disbursement of PDC to refineries and oil marketing companies for April 2022. The matter has not yet been considered by the ECC.
Now, the new government will have to take up the matter. It will either have to pay subsidy or increase prices of petroleum products.
International energy markets remain volatile as premiums on motor spirit (petrol) and high-speed diesel stay high. With this, the liquidity position of oil marketing companies and refineries has come under stress.
Subsidised prices of petroleum products add to this stress because full cost recovery is made only when PDC is processed after a lag of almost one month.
If energy markets remain in the present situation, the estimated amount of PDC for April 16 to June 30, 2022 will be Rs136 billion.
This is in addition to the already allocated amount of Rs31.73 billion for March 2022 and yet to be allocated amount of Rs26.47 billion for the first fortnight of April.
Published in The Express Tribune, April 14th, 2022.
US dollar.
In the second fortnight of current month starting April 16, the newly formed government would be required to either jack up the price of diesel by Rs60.54 per litre or enhance subsidy to maintain the existing price, officials said.
If the leadership chooses to increase the price, the per-litre diesel cost will jump to Rs204.69.
Earlier, former prime minister Imran Khan announced a reduction of Rs10 per litre in petrol and diesel prices and a price freeze till the announcement of budget for 2022-23.
Sources pointed out that the new government would be in a critical situation and might choose not to increase prices in a bid to win over public support.
Officials said that the previous Pakistan Tehreek-e-Insaf (PTI) government had maintained petroleum prices since mid-March, which pushed up the subsidy bill for petroleum products by Rs30 billion for the first fortnight of April.
However, the decision of keeping oil prices unchanged had no legal cover as it had not been officially approved.
If the current government decides to continue the policy, then it will be forced to give another Rs30 billion in subsidy from April 16 to 30. Overall, it will have to bear a burden of Rs60 billion for keeping oil prices unchanged.
Officials said that the rupee depreciation against the US dollar had also had an impact, which resulted in an increase in petroleum prices by Rs5.54 per litre, or 3.03%. The average dollar value jumped from Rs182.15 to Rs188.15 in the past
few days.
High-speed diesel (HSD) is mainly used in transport and agriculture sectors. At present, the sowing season is underway, therefore, the fuel consumption will be higher, which will place an additional burden of subsidy or price differential claims (PDC) on the government.
On the other hand, the government will have to either hike the petrol price by Rs24.1 per litre or give subsidy to keep it unchanged for the next fortnight. Petrol is used in motorbikes and cars across the country.
Compressed natural gas (CNG) stations in Punjab have already switched over to expensive imported gas, therefore, consumers in the province will face a major crisis if the petrol price goes up.
The government will also have to give a subsidy of Rs38.41 per litre on kerosene oil and Rs39.56 per litre on light diesel oil.
Kerosene oil is used in the remote areas where LPG is not available. The largest consumer of kerosene oil is Pakistan Army in the northern parts of the country. Light diesel oil is used in the industry.
Circular debt in the oil and gas sectors is worsening and with the accumulation of subsidy and PDC, the debt will increase further in the coming days.
The Petroleum Division sent a summary to the Economic Coordination Committee (ECC) on April 1, 2022, seeking allocation of an additional Rs55 billion through a supplementary grant for the disbursement of PDC to refineries and oil marketing companies for April 2022. The matter has not yet been considered by the ECC.
Now, the new government will have to take up the matter. It will either have to pay subsidy or increase prices of petroleum products.
International energy markets remain volatile as premiums on motor spirit (petrol) and high-speed diesel stay high. With this, the liquidity position of oil marketing companies and refineries has come under stress.
Subsidised prices of petroleum products add to this stress because full cost recovery is made only when PDC is processed after a lag of almost one month.
If energy markets remain in the present situation, the estimated amount of PDC for April 16 to June 30, 2022 will be Rs136 billion.
This is in addition to the already allocated amount of Rs31.73 billion for March 2022 and yet to be allocated amount of Rs26.47 billion for the first fortnight of April.
Published in The Express Tribune, April 14th, 2022.
Bewal Express
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So if they don't increase prices they have to push up taxes because as SHA said it costs govt 9rps per litre in subsidy. According to Nani its IKs fault, well Nani amma you are in power, find some oil from garage and give to the PK public
KingKhanWC
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I highly doubt this temp imported government will continue to subsidise petrol/diesal prices. Putting up taxes wont be a real option to reduce these prices as more and more will start to not pay taxes again.
Everyone knows they have around 16 months to loot as much as possible. This will be the last time Sharifs and Bhuttos will be in power.
Bewal Express
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They will have to do one thing or the other. Nani will have to find oil in the garage to keep this ship afloat. Huge increases are on their way sooner or later and it is they that will responsible not IK. Afterall IK cut prices to give relief. Ogra is suggested increases of 120rps. So over to you [MENTION=131701]Mamoon[/MENTION]. We don't want to hear excuses. Isn't that what you said to IK. Well we don't want to hear excuses. We don't want higher taxes [MENTION=135038]Major[/MENTION] so this imported govt has to make a decision. What do you suggest.
"Days after the exit of the PTI government, the Oil and Gas Regulatory Authority (Ogra) on Thursday suggested an unprecedented increase of up to Rs120 per litre (over 83 per cent) in the prices of petroleum products with effect from April 16 to recover full imported cost, exchange rate loss and maximum tax rates"
https://www.dawn.com/news/1685092
Colorblind Genius
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On the contrary, we might’ve seen the last of IK.
With judiciary and Election commission in their pockets, and the army on their back, IK has no chance to come back.
Free n fair elections are impossible under these crooks - and their masters would like to keep these puppets in power.
And in case of a civil war to oust these crooks, IK’s will put his life in a very, very serious danger.
daytrader
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we had an opportunity to get oil at much much lower prices from Russia, would've really helped our trade deficit. Unfortunately the powers that be aren't sincere to the people of Pakistan
wasim-fan
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Its should be 200 plus. Sharif will have a tough time taking this decision. Populism works until you have to pay the bill.
daytrader
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he's not a populist though... that's Imran Khan
wasim-fan
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Indeed, but it can be political suicide to reverse the bad policies, unless Establishment is providing unconditional backing.
Bewal Express
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What bad policies? Tax collection nearly double, exports up, imports down, CAD down, remittances up and growth up to 5.5.
gkb101277867
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Wait…hang on…I thought fuel prices had been frozen until July? Are these reports saying that fuel price will increase right now or in July?
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They are if Shehbaz Sahib says so - who cares about the real picture?
==
ISLAMABAD:
Prime Minister Shehbaz Sharif on Friday turned down proposed increase in fuel prices up to Rs51 per litre effective from April 16, 2022.
Oil and Gas Regulatory Authority (Ogra) had proposed increase in price of diesel by Rs51.32 per litre (35.7%), petrol Rs21.30 per litre (14.2%), kerosene oil Rs36.03 per litre (28.7%) and light diesel oil (LDO) Rs38.89 per litre (39.9%).
However, the premier had turned down proposed increase in oil prices that would put an additional burden of around Rs30 billion on government exchequer.
The National Electric Power Regulatory Authority (Nepra) on the other hand raised the power tariff by Rs4.8 per unit on account of fuel adjustment for the month of February.
The CPPA-G had requested the power regulator to allow an increase of Rs4.9441 per unit to burden the power consumers with an impact of Rs38.4 billion.
The power regulator conducted a public hearing on March 31, 2022. However, it approved the increase of Rs4.8530 per unit to put an additional burden of around Rs37.7 billion on power consumers.
The power distribution companies will charge fuel cost adjustment (FCA) of February 2022 in the billing month of April 2022 to all consumer categories of XWDISCOs, except lifeline consumers.
Following the prime minister's decision to not increase the fuel prices, the government would have to pay this amount to oil firms on account of price differential claims (PDCs).
An amount of Rs30 billion is already due on account of price differential claims due to keeping oil prices unchanged from April 1, 2022.
The government will be paying price of Rs60 billion to oil companies due to maintaining existing oil prices for month of April.
The government has maintained existing price of diesel at Rs144.15 per litre, petrol Rs149.86 per litre, kerosene oil Rs125.56 per litre and light diesel oil (LDO) Rs118.31 per litre.
PML-N leader Shahid Khaqan Abbai also confirmed the development, saying that PM Shehbaz has decided to keep the petroleum prices unchanged.
He said the previous PTI-led government made a wrong decision to provide subsidy on petroleum products which he said will damage the country’s economy.
“They misled the masses and [reduced petroleum] prices for cheap publicity,” he observed while addressing a press conference in Islamabad flanked by former finance minister Miftah Ismail.
“We have been working on this matter for the past three days and today’s Ogra summary recommended to increase petrol price by Rs21 and diesel by Rs51 per litre but the prime minister did not accept.”
Abbasi said the government will have to provide subsidy of 72 billion rupees per month to maintain the current fuel prices and added that it was not possible to bear the burden of subsidies given the condition of the economy and rising international prices of fuel.
Former PM Imran Khan had announced a reduction of Rs10 per litre in the petroleum prices and that the new rates would remain in place till the FY-23 budget.
However, this decision of keeping oil prices unchanged had no legal cover as the previous government had not approved it.
If the current government decides to keep oil prices unchanged from April 15-30, then it will have to give another Rs30 billion subsidy.
Officials said that impact of rupee depreciation against dollar had also resulted in increase in oil prices by Rs5.54 per litre or 3.03 per cent.
Average rate of dollar had jumped from Rs182.15 to Rs188.15.
High speed diesel (HSD) is mainly used in transport and agriculture sectors. At present, the sowing season was going on and therefore its consumption will be higher that would put an additional burden of subsidy or price differential claims on the government.
Petrol is used in motorbikes and cars across the country.
Punjab province had already shifted on imported gas in CNG stations for last several years and therefore customers living in this province will be facing major dint if petrol price go up.
Kerosene oil is used in those remote areas of the country where LPG was not available for cooking. The largest consumer of kerosene oil is Pakistan army in remote areas like northern part of the country.
Light diesel oil (LDO) is used in industry.
The circular debt situation in oil and gas sectors had already been worsening and accumulation of subsidy or price differential claims would lead to increase circular debt in coming days.
Petroleum Division had moved a summary to ECC on April 1, 2022 that additional Rs55 billion may be allocated through supplementary grant for the disbursement of PDC to OMCs/Refineries for the month of April, 2022.
The matter has not yet been considered by ECC.
The international energy markets remain volatile and the premiums on MS and HSD remain high. The liquidity of OMCs / refineries is, therefore, under stress. Subsidised prices of petroleum products add to this stress because the full cost recovery is made only when PDC claims are processed after a lag of almost a month.
If the energy markets remain in their present situation, the estimated amount of PDC for the period between 16th April, 2022 to 30th June, 2022 would be Rs136 billion.
The demand of MS and HSD in the country remains very high. This high demand is not only making the petroleum market vulnerable to supply disruptions and placing a very heavy burden on the liquidity in the sector, but is also increasing the import bill to a very high level.
https://tribune.com.pk/story/235274...-by-rs48-per-unit-keeps-fuel-prices-unchanged
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Bewal Express
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If SS doesn't increase the prices he knows that this stay as the imported PM will be a short one. IK budgeted for his, let's see how Showbiz deals with this. Maybe he can ask Maryam or Munshi to get oil prices down because they weren't backwards in coming forwards with advice and criticism of IK
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ISLAMABAD: Pakistan Tehreek-e-Insaf (PTI) Secretary-General Asad Umar has said that Shehbaz Sharif has endorsed Imran Khan’s decision by retaining the petrol and diesel prices, ARY News reported on Friday.
While talking to ARY News programme Sawal Yeh Hai, Asad Umar said that the new government has blamed Imran Khan to retain the prices of the petroleum products just to gain popularity among the masses.
He questioned Shehbaz Sharif’s decision to retain the petrol prices contrary to the previous statements of his own party leaders. He rejected the allegations of Pakistan Muslim League Nawaz (PML-N) leaders Shahid Khaqan Abbasi and Miftah Ismail against Imran Khan.
Umar detailed that petroleum prices have soared in the global market due to the Ukraine-Russia war. “Imran Khan, as the prime minister, decided to temporarily keep the petroleum products prices unchanged,” he said.
ARY
While talking to ARY News programme Sawal Yeh Hai, Asad Umar said that the new government has blamed Imran Khan to retain the prices of the petroleum products just to gain popularity among the masses.
He questioned Shehbaz Sharif’s decision to retain the petrol prices contrary to the previous statements of his own party leaders. He rejected the allegations of Pakistan Muslim League Nawaz (PML-N) leaders Shahid Khaqan Abbasi and Miftah Ismail against Imran Khan.
Umar detailed that petroleum prices have soared in the global market due to the Ukraine-Russia war. “Imran Khan, as the prime minister, decided to temporarily keep the petroleum products prices unchanged,” he said.
ARY
shah_1
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[MENTION=135038]a few people seem illiterate when it comes to oil prices
Imran Khan made a bad move by cutting the oil prices, subsidising something that our country can’t afford. WE HAVE NO MONEY AT ALL. Pti and pml n fan boy need to understand this bit.
Shehbaz should have increased the petrol prices as well. Bad move by him.
Imran Khan made a bad move by cutting the oil prices, subsidising something that our country can’t afford. WE HAVE NO MONEY AT ALL. Pti and pml n fan boy need to understand this bit.
Shehbaz should have increased the petrol prices as well. Bad move by him.
Last edited by a moderator:
Gharib Aadmi
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IK made a bad move by not cutting petrol more once it was clear he would lose the NCV. He should have made it 120 as a Ramzan special, and once Shehbaz increased it played the "Petrol Bomb" card.
Bewal Express
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But IK was the petrol chore by increasing prices. Showbaaz will cut prices as he promised. Maryam and Capt Safdar will produce the oil from their garage and Diesel will produce gas after eating his haraam halwa
Technics 1210
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Have PDM supporters turned electric yet? 
)
)
uberkoen
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You seem hell bent on spreading lies and not partaking in any proper discussion. You're more set on revenge rather than discussing a topic logically and constructively. You will go to the extreme of posting lies to defend Imran Khan. This is what we refer to as a cult.
Bewal Express
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Which bit of that is wrong. Everyone knew that petrol prices were amongst the lowest in Asia and when IK said it Nani and co ridiculed him. Why did they lie.
Bewal Express
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You can refer to us anything that floats your boat. But can you respond to this from SHA from a day ago. Was Nani lying, was i Iying or are you lying again
"No country selling petrol cheaper than its cost: Shahid
https://www.thenews.com.pk/print/950735-no-country-selling-petrol-cheaper-than-its-cost-shahid
uberkoen
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You can refer to us anything that floats your boat. But can you respond to this from SHA from a day ago. Was Nani lying, was i Iying or are you lying again
"No country selling petrol cheaper than its cost: Shahid
https://www.thenews.com.pk/print/950735-no-country-selling-petrol-cheaper-than-its-cost-shahid
Not sure what you want me to respond to. I agree with everything that is stated in the article. You'd be a fool not to.
Bewal Express
Test Star
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"You seem hell bent on spreading lies and not partaking in any proper discussion". And here you are telling me that you agree with the article. So what were the lies?
So when IK said the same Nani and co were going ballistic,and you accuse me of spreading fake news. SS and the crooks will find that gimmicks don't work anymore in the era of Social media and decisions have to be made. Its a problem that ain't going away.
silentkiller187
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ISLAMABAD:
Prime Minister Shehbaz Sharif has been warned by economists and industry experts that the country would face the worst shortage of diesel next month amid the harvesting season as its stocks are fast plummeting.
Sources told The Express Tribune that the experts had urged Premier Shahbaz to increase oil prices in order to avoid the swelling price differential claims that accumulated to around Rs60 billion in only one month of April 2022.
The prime minister was also informed that there would be no protests if the oil prices were increased. However, protests would start if diesel was not available in the market due to poor financial health of the oil industry on account of rising price differential claims. The interesting thing was that there was no approval from the government to clear the price differential claims of the oil industry.
Further, PM Shehbaz had refused to increase the oil prices despite the grave situation of the oil industry.
The sources said that diesel stocks were depleting fast as only 18-day supply remained in the country.
The Pakistan State Oil (PSO) was the country’s largest oil exporter. Earlier, it had made an attempt to import diesel by floating a tender but no trader participated.
Now, the PSO had arranged one diesel cargo at the highest premium rate of $13 due to non-availability of diesel in the global market following Russia and Ukraine war.
In a bid to tackle the looming diesel shortage crisis, the government had directed the oil refineries to boost local production. But the refineries were also facing financial crisis due to the pending price differential claims following the freezing of oil prices. They had drawn the attention of the government towards their reluctance in lifting furnace oil in order to boost production.
The Attock Refinery Limited (ARL) chief executive officer in a letter addressed to Secretary Petroleum Ali Raza Bhutta referred to the meeting held under his chairmanship on March 31, 2022.
The Oil and Gas Regulatory Authority and refineries' MDs/CEOs on the subject also attended the meeting wherein directions were given to all refineries to enhance their production to meet the growing demand of petroleum products in the country, especially furnace oil and diesel.
Read Diesel set to rise above Rs200
As assured during the meeting that despite serious challenges being confronted by the refining sector, they would certainly endeavour to enhance their respective throughputs, especially the maximisation of furnace oil production, in view of the problems in getting regular LNG supplies from the international market.
“In this connection, you would kindly recall that a few months back (December 2021 January 2022), the refineries were struggling to operate due to high stocks of furnace oil with little or no consumption in the power sector,” the ARL CEO said.
Some of the refineries even had to shut down their operations because of ullage issues and some had to export the furnace oil at substantial financial loss.
This cycle of scarcity and glut of furnace oil had not happened for the first time and the country had been confronted by such crisis in the past too.
In order to avoid repeated recurrence of such situations, “it is critically important to find a permanent solution which would enable maximum utilisation and sustainability of the refining sector and also ensure availability of petroleum products to the maximum possible extent”.
It was in this context that the refineries floated a working paper/proposal to the Ministry of Energy (Petroleum Division) in a letter sent on February 23, 2022 for running approximately 1,500 megawatts equivalent to furnace oil-based power plants on a regular basis.
It was envisaged that this proposal along with approval of the new refining policy would allow the existing refineries to upgrade/expand their respective units to produce Euro V compliant fuels with increased production.
“You would kindly appreciate that the growing demand of petroleum products in the country coupled with the changing geopolitical situation necessitates the need for having a modem und vibrant refining sector in Pakistan to ensure its energy security,” the CEO said.
He added that it was because of these reasons that the refineries had been emphasising the need for approving the draft refining policy which was diligently prepared by the Petroleum Division in consultation with the refineries over the last two years. This would enable the refineries to increase their production capacities.
The unfortunate delay in the final approval of the refining policy may jeopardise the refineries upgradation plans worth $4-5 billion and another $8-10 billion investment in the greenfield refinery, he added.
In view of the position explained above, “we request for a meeting to discuss our proposal with all stakeholders to be convened at your earliest convenience”, the CEO added.
https://tribune.com.pk/story/2353289/country-braces-for-worst-diesel-shortage
Prime Minister Shehbaz Sharif has been warned by economists and industry experts that the country would face the worst shortage of diesel next month amid the harvesting season as its stocks are fast plummeting.
Sources told The Express Tribune that the experts had urged Premier Shahbaz to increase oil prices in order to avoid the swelling price differential claims that accumulated to around Rs60 billion in only one month of April 2022.
The prime minister was also informed that there would be no protests if the oil prices were increased. However, protests would start if diesel was not available in the market due to poor financial health of the oil industry on account of rising price differential claims. The interesting thing was that there was no approval from the government to clear the price differential claims of the oil industry.
Further, PM Shehbaz had refused to increase the oil prices despite the grave situation of the oil industry.
The sources said that diesel stocks were depleting fast as only 18-day supply remained in the country.
The Pakistan State Oil (PSO) was the country’s largest oil exporter. Earlier, it had made an attempt to import diesel by floating a tender but no trader participated.
Now, the PSO had arranged one diesel cargo at the highest premium rate of $13 due to non-availability of diesel in the global market following Russia and Ukraine war.
In a bid to tackle the looming diesel shortage crisis, the government had directed the oil refineries to boost local production. But the refineries were also facing financial crisis due to the pending price differential claims following the freezing of oil prices. They had drawn the attention of the government towards their reluctance in lifting furnace oil in order to boost production.
The Attock Refinery Limited (ARL) chief executive officer in a letter addressed to Secretary Petroleum Ali Raza Bhutta referred to the meeting held under his chairmanship on March 31, 2022.
The Oil and Gas Regulatory Authority and refineries' MDs/CEOs on the subject also attended the meeting wherein directions were given to all refineries to enhance their production to meet the growing demand of petroleum products in the country, especially furnace oil and diesel.
Read Diesel set to rise above Rs200
As assured during the meeting that despite serious challenges being confronted by the refining sector, they would certainly endeavour to enhance their respective throughputs, especially the maximisation of furnace oil production, in view of the problems in getting regular LNG supplies from the international market.
“In this connection, you would kindly recall that a few months back (December 2021 January 2022), the refineries were struggling to operate due to high stocks of furnace oil with little or no consumption in the power sector,” the ARL CEO said.
Some of the refineries even had to shut down their operations because of ullage issues and some had to export the furnace oil at substantial financial loss.
This cycle of scarcity and glut of furnace oil had not happened for the first time and the country had been confronted by such crisis in the past too.
In order to avoid repeated recurrence of such situations, “it is critically important to find a permanent solution which would enable maximum utilisation and sustainability of the refining sector and also ensure availability of petroleum products to the maximum possible extent”.
It was in this context that the refineries floated a working paper/proposal to the Ministry of Energy (Petroleum Division) in a letter sent on February 23, 2022 for running approximately 1,500 megawatts equivalent to furnace oil-based power plants on a regular basis.
It was envisaged that this proposal along with approval of the new refining policy would allow the existing refineries to upgrade/expand their respective units to produce Euro V compliant fuels with increased production.
“You would kindly appreciate that the growing demand of petroleum products in the country coupled with the changing geopolitical situation necessitates the need for having a modem und vibrant refining sector in Pakistan to ensure its energy security,” the CEO said.
He added that it was because of these reasons that the refineries had been emphasising the need for approving the draft refining policy which was diligently prepared by the Petroleum Division in consultation with the refineries over the last two years. This would enable the refineries to increase their production capacities.
The unfortunate delay in the final approval of the refining policy may jeopardise the refineries upgradation plans worth $4-5 billion and another $8-10 billion investment in the greenfield refinery, he added.
In view of the position explained above, “we request for a meeting to discuss our proposal with all stakeholders to be convened at your earliest convenience”, the CEO added.
https://tribune.com.pk/story/2353289/country-braces-for-worst-diesel-shortage
Hextro
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The government desperately needs to increase fuel prices. the current prices are unsustainable and will start taking their toll on the SBPs reserves if not increased. Miftah Ismail claimed that the continuation of fuel subsidies will cost the government 3600 crores in just 2 weeks. 3600 crore = 36 billion and 36 billion Rupees = $197 million. That's enough money to build a metro system in a million-strong city.
PTI had the excuse of FBR collecting excess taxes(Rs268bn) in the 2021-22 fiscal year, PMLN or PDM doesn't have that excuse they're most likely burning through reserves to subsidize fuel.
PTI had the excuse of FBR collecting excess taxes(Rs268bn) in the 2021-22 fiscal year, PMLN or PDM doesn't have that excuse they're most likely burning through reserves to subsidize fuel.
Colorblind Genius
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I think they will be looking more into the ways on how to loot those reserves? And throw a few bones to the public.
Whatever little economy improvements and funds recovered by NAB under IK, will be depleted before the country is thrown back at PTI with Sri Lanka like situation.
Hextro
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PDM doesn't want to take unpopular decisions because they fear the blowback from the public, they are already losing popularity. Almost every institute in the country has been screaming at the top of their lungs warning Shahbaz that the current subsidies aren't sustainable. It would've been smarter for PDM to let PTI go through this difficult period uninterrupted and make the difficult decisions, which would've made PTI even more unpopular with the public than they already were or PDM could've called for early elections and let the Caretaker government take the sour decision of raising fuel prices by Rs80 or more.
Right now PMLN/PDM has gotten themselves in a difficult situation and calling for early elections seems to be the best solution.
Bewal Express
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This is the problem the Americans and their imported fronts forgot to account for. As the saying goes the mafia need to own this ****. who is going to have the balls to make the tough call- SS? No chance, he only slipped the sherwani on last week. I see another big IMF loan coming. Remember those trends by these beghairats on IMF loans given to IK. Well beggers can't be chosers
Colorblind Genius
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The NAB cases were breathing on their throats - so the one of the main intention behind the PDM getting into power is to take care of those NAB cases, and freely loot as much as they can within a couple of months.
They already know they don't have a political future left if a true democratic election is inaugurated.
Or they would like to stay in power and keep acting as puppets of the west, as long as they keep getting paid till the nuclear arms are finally compromised. And that's it. They don't care about the public. Not even an iota worth.
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WASHINGTON: Finance Minister Miftah Ismail on Friday agreed with the International Monetary Fund's (IMF) recommendations regarding reducing fuel subsidies, pledging to pursue structural reforms to boost a crisis-wracked economy.
In 2019, the IMF approved a $6 billion loan for Pakistan but disbursement has been slowed down by concerns about the pace of reforms.
Ismail, who took charge this month after the previous government lost a no-confidence vote, said he had "good discussions" with the IMF during the Washington-based lender’s annual spring meetings.
"They have talked about removing the subsidy on fuel. I agree with them," Ismail, himself a former IMF economist, said at the Atlantic Council.
"We can’t afford to give the subsidies that we’re giving. So we need to curtail these," he said.
The finance minister further added that former prime minister Imran Khan had set a "trap" for his successors through heavy subsidies on fuel. Ismail, however, said that some targeted subsidies should remain for Pakistan’s poorest amid rising global prices.
Soon after being appointed as the finance minister, Ismail had said that the subsidy allowed for petrol for the months of May and June would cost Rs96 billion, and the "government cannot bear this burden".
The finance minister maintained that PTI's government had left landmines for the incumbent government.
"...by not taking tax on petrol and diesel, Imran Khan has put Shehbaz Sharif-led government in trouble [...] making petrol cheap is not a favour, it is the nation's money through which they give subsidy," the finance minister had elaborated.
He had said the government is giving a subsidy of Rs52 on diesel and Rs21 on petrol, and due to this, Rs68 were paid off from the national exchequer in terms of April's subsidy.
Ismail during a virtual session of the Atlantic Council said that Pakistan — the world’s fifth-most populous nation — needed to move to a new economic model by removing obstacles and promoting exports to the world.
"We have such an elite-benefitting country that almost every subsidy that you can speak of actually goes to the richest people," he said.
PM Shehbaz rejects proposal to hike petrol price
On April 15, PM Shehbaz Sharif rejected the Oil and Gas Regulatory Authority's (OGRA) proposal to hike the prices of petroleum products in the country.
PM Shehbaz said the government rejected the proposal for hiking the prices of petroleum products and vowed to take steps for the people's welfare.
"...we cannot further burden the already burdened masses [...] we will have to address the challenges collectively," the prime minister told the leaders in attendance.
On February 28, former prime minister Imran Khan announced a reduction of Rs10 per litre in petrol and diesel prices and a price freeze till the announcement of the budget for 2022-23.
Earlier, the OGRA had sent a proposal to the Finance Division to increase the price of petrol by Rs21.50 and diesel by Rs51.30 (based on existing/current petroleum levy and GST).
According to the proposal, the OGRA had suggested an increase of Rs83.50 per litre of petrol and Rs119.88 per litre of diesel (based on the federal government’s advised petroleum levy of Rs30 and 17% GST).
GEO
In 2019, the IMF approved a $6 billion loan for Pakistan but disbursement has been slowed down by concerns about the pace of reforms.
Ismail, who took charge this month after the previous government lost a no-confidence vote, said he had "good discussions" with the IMF during the Washington-based lender’s annual spring meetings.
"They have talked about removing the subsidy on fuel. I agree with them," Ismail, himself a former IMF economist, said at the Atlantic Council.
"We can’t afford to give the subsidies that we’re giving. So we need to curtail these," he said.
The finance minister further added that former prime minister Imran Khan had set a "trap" for his successors through heavy subsidies on fuel. Ismail, however, said that some targeted subsidies should remain for Pakistan’s poorest amid rising global prices.
Soon after being appointed as the finance minister, Ismail had said that the subsidy allowed for petrol for the months of May and June would cost Rs96 billion, and the "government cannot bear this burden".
The finance minister maintained that PTI's government had left landmines for the incumbent government.
"...by not taking tax on petrol and diesel, Imran Khan has put Shehbaz Sharif-led government in trouble [...] making petrol cheap is not a favour, it is the nation's money through which they give subsidy," the finance minister had elaborated.
He had said the government is giving a subsidy of Rs52 on diesel and Rs21 on petrol, and due to this, Rs68 were paid off from the national exchequer in terms of April's subsidy.
Ismail during a virtual session of the Atlantic Council said that Pakistan — the world’s fifth-most populous nation — needed to move to a new economic model by removing obstacles and promoting exports to the world.
"We have such an elite-benefitting country that almost every subsidy that you can speak of actually goes to the richest people," he said.
PM Shehbaz rejects proposal to hike petrol price
On April 15, PM Shehbaz Sharif rejected the Oil and Gas Regulatory Authority's (OGRA) proposal to hike the prices of petroleum products in the country.
PM Shehbaz said the government rejected the proposal for hiking the prices of petroleum products and vowed to take steps for the people's welfare.
"...we cannot further burden the already burdened masses [...] we will have to address the challenges collectively," the prime minister told the leaders in attendance.
On February 28, former prime minister Imran Khan announced a reduction of Rs10 per litre in petrol and diesel prices and a price freeze till the announcement of the budget for 2022-23.
Earlier, the OGRA had sent a proposal to the Finance Division to increase the price of petrol by Rs21.50 and diesel by Rs51.30 (based on existing/current petroleum levy and GST).
According to the proposal, the OGRA had suggested an increase of Rs83.50 per litre of petrol and Rs119.88 per litre of diesel (based on the federal government’s advised petroleum levy of Rs30 and 17% GST).
GEO
daytrader
ODI Debutant
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- Jul 11, 2015
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- 10,062
- Post of the Week
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Diesel Shortage
<blockquote class="twitter-tweet"><p lang="ur" dir="rtl">بکھر میں بھی ڈیزل کی قلت، شہری ڈیزل کیلئے مارے مارے پھرنے لگے <a href="https://twitter.com/hashtag/GNN?src=hash&ref_src=twsrc%5Etfw">#GNN</a> <a href="https://twitter.com/hashtag/GNNUpdates?src=hash&ref_src=twsrc%5Etfw">#GNNUpdates</a> <a href="https://t.co/878ros57Zw">pic.twitter.com/878ros57Zw</a></p>— GNN (@gnnhdofficial) <a href="https://twitter.com/gnnhdofficial/status/1518494512317878272?ref_src=twsrc%5Etfw">April 25, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<blockquote class="twitter-tweet"><p lang="ur" dir="rtl">بکھر میں بھی ڈیزل کی قلت، شہری ڈیزل کیلئے مارے مارے پھرنے لگے <a href="https://twitter.com/hashtag/GNN?src=hash&ref_src=twsrc%5Etfw">#GNN</a> <a href="https://twitter.com/hashtag/GNNUpdates?src=hash&ref_src=twsrc%5Etfw">#GNNUpdates</a> <a href="https://t.co/878ros57Zw">pic.twitter.com/878ros57Zw</a></p>— GNN (@gnnhdofficial) <a href="https://twitter.com/gnnhdofficial/status/1518494512317878272?ref_src=twsrc%5Etfw">April 25, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Colorblind Genius
First Class Captain
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- Dec 24, 2019
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- 4,208
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Diesel is already on a visit to Saudi on 777 Boeing on govt's expense and tax payer's money. No wonder you can't find him in Pakistan.
Hermoine Green
First Class Star
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- Oct 13, 2017
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- 3,223
[MENTION=1269]Bewal Express[/MENTION] [MENTION=21699]Pakpak[/MENTION] [MENTION=138254]Syed1[/MENTION]
<blockquote class="twitter-tweet"><p lang="und" dir="rtl">سوچتا ہوں کہ وہ کتنے معصوم تھے<br>کیا سے کیا ہوگئے دیکھتے دیکھتے ۔۔۔۔<br><br>" I agree with them, I agree with them, I agree with them"<a href="https://twitter.com/arsched?ref_src=twsrc%5Etfw">@arsched</a> <a href="https://twitter.com/MaleehaHashmey?ref_src=twsrc%5Etfw">@MaleehaHashmey</a> <a href="https://twitter.com/MirMAKOfficial?ref_src=twsrc%5Etfw">@MirMAKOfficial</a> <a href="https://twitter.com/ARYSabirShakir?ref_src=twsrc%5Etfw">@ARYSabirShakir</a> <a href="https://twitter.com/hashtag/MarchAgainstImportedGovt?src=hash&ref_src=twsrc%5Etfw">#MarchAgainstImportedGovt</a><a href="https://twitter.com/hashtag/%D8%A7%D9%85%D9%BE%D9%88%D8%B1%D9%B9%DA%88_%D8%AD%DA%A9%D9%88%D9%85%D8%AA_%D9%86%D8%A7%D9%85%D9%86%D8%B8%D9%88%D8%B1?src=hash&ref_src=twsrc%5Etfw">#امپورٹڈ_حکومت_نامنظور</a> <a href="https://t.co/UOq0C4siM5">pic.twitter.com/UOq0C4siM5</a></p>— خان چڑیا (@maah_usa) <a href="https://twitter.com/maah_usa/status/1518632223167107072?ref_src=twsrc%5Etfw">April 25, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<blockquote class="twitter-tweet"><p lang="und" dir="rtl">سوچتا ہوں کہ وہ کتنے معصوم تھے<br>کیا سے کیا ہوگئے دیکھتے دیکھتے ۔۔۔۔<br><br>" I agree with them, I agree with them, I agree with them"<a href="https://twitter.com/arsched?ref_src=twsrc%5Etfw">@arsched</a> <a href="https://twitter.com/MaleehaHashmey?ref_src=twsrc%5Etfw">@MaleehaHashmey</a> <a href="https://twitter.com/MirMAKOfficial?ref_src=twsrc%5Etfw">@MirMAKOfficial</a> <a href="https://twitter.com/ARYSabirShakir?ref_src=twsrc%5Etfw">@ARYSabirShakir</a> <a href="https://twitter.com/hashtag/MarchAgainstImportedGovt?src=hash&ref_src=twsrc%5Etfw">#MarchAgainstImportedGovt</a><a href="https://twitter.com/hashtag/%D8%A7%D9%85%D9%BE%D9%88%D8%B1%D9%B9%DA%88_%D8%AD%DA%A9%D9%88%D9%85%D8%AA_%D9%86%D8%A7%D9%85%D9%86%D8%B8%D9%88%D8%B1?src=hash&ref_src=twsrc%5Etfw">#امپورٹڈ_حکومت_نامنظور</a> <a href="https://t.co/UOq0C4siM5">pic.twitter.com/UOq0C4siM5</a></p>— خان چڑیا (@maah_usa) <a href="https://twitter.com/maah_usa/status/1518632223167107072?ref_src=twsrc%5Etfw">April 25, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Bewal Express
Test Star
- Joined
- Nov 6, 2005
- Runs
- 37,391
They knew that IK has no control over the price of oil and hence the price of petrol. They lied,lied and lied again now a noose of hypocrisy and lies, hangs around their neck [MENTION=135038]Major[/MENTION] maybe you can enlighten us
Colorblind Genius
First Class Captain
- Joined
- Dec 24, 2019
- Runs
- 4,208
- Post of the Week
- 3
And they all have removed their names from the ECL, so now they can run soon as the situation goes against their looting and a chance arises to bring them to justice.
I say it again, Bajwa should be tried for treason. He helped placed all the criminals, looters and traitors into power.
This is an unrealistically sad situation.
- Joined
- Oct 2, 2004
- Runs
- 217,717
Faced with panic buying and acute criticism over the supposed shortage of diesel, the All Petroleum Dealers Association warned of shutting down the petrol pumps across the country over unwarranted public wrath.
Speaking at a news conference, the association’s information secretary Nauman Ali Butt claimed that international and local companies were involved in the diesel crisis, regretting that people were unfair in casting suspicions over the petrol dealers.
He said that there was a scarcity of diesel in major districts of Punjab and informed that the association was trying to talk to Ogra about the issue.
“If there is a day diesel stock for 21 days in the country then why is it absent from the petrol pumps?” he asked. “We are being accused that dealers have stopped the goods.”
Meanwhile, the Senate Standing Committee on Power on Wednesday expressed strong displeasure over unscheduled load-shedding hitting various parts of the country amid record-breaking temperatures, questioning what was causing the frequent power outages if there was a surplus of power in the country.
The chairman of the panel, Saifullah Abro, demanded explanations from the Power Division, asking under which the loadshedding was taking place.
The panel was informed that the demand for electricity increased by 38 per cent in April as compared to the previous year.
Read Pakistan Petroleum’s profit increases 74% to Rs20.62b
It was told that country’s power generation capacity was about 38,000 megawatts, but due to non-supply of fuel and RLNG, many power generation plants have been shut down.
The country's current power generation was about 18,500 megawatts, the additional secretary Power Division told the committee.
The chairman of the committee said that while procuring RLNG, care should be taken to deal with suppliers who did not default when there was a price hike, adding that the amount of performance guarantee should be such that the supplier could not default.
However, sources in the Power Division told the Express Tribune that the gap between supply and demand was 7,300 megawatts. At present, the peak generation stood at 18,700 megawatts while even constrained demand goes beyond 26,000 megawatts.
They revealed that the country was generating 3,800 megawatts from hydropower, 900 megawatts from government thermal power plants and 14,000 megawatts from power plants.
Explaining the causes of the shortfall, the sources said that the total power generation capacity was 36,016 megawatts. However, the ability of the power plants to generate enough electricity was stymied by an insufficient supply of LNG and furnace oil, due to which only 18,000 megawatts were being generated.
Power transmission lines
The Senate's panel on power also discussed the question raised by Senator Syed Muhammad Sabir Shah regarding heavy power transmission lines running over the lands in Ghazi Tehsil of Haripur District.
The additional secretary explained that as per the existing policy, the owners on whose lands the transmission lines were configured were paid a reasonable amount. He added that any construction near the transmission lines was prohibited.
Senator Syed Sabir Shah lamented that due to the presence of heavy transmission lines, the lands were rendered virtually useless as people could neither do construction nor could they use it for agricultural purposes.
Read PM orders cut in load shedding duration by next month
Authorities should buy the land from the people or pay a reasonable royalty to them, he demanded.
Meanwhile, Senator Saifullah Sarwar Khan Niazi emphasised that the royalty should be paid in proportion to the revenue generated from electricity so that the people could have a source of regular income.
The additional secretary Power Division said that the existing law needed to be amended to introduce a new policy.
The chairman of the committee directed the concerned authorities to review the policy in this regard and submit suggestions in the next committee meeting.
Express Tribune
Speaking at a news conference, the association’s information secretary Nauman Ali Butt claimed that international and local companies were involved in the diesel crisis, regretting that people were unfair in casting suspicions over the petrol dealers.
He said that there was a scarcity of diesel in major districts of Punjab and informed that the association was trying to talk to Ogra about the issue.
“If there is a day diesel stock for 21 days in the country then why is it absent from the petrol pumps?” he asked. “We are being accused that dealers have stopped the goods.”
Meanwhile, the Senate Standing Committee on Power on Wednesday expressed strong displeasure over unscheduled load-shedding hitting various parts of the country amid record-breaking temperatures, questioning what was causing the frequent power outages if there was a surplus of power in the country.
The chairman of the panel, Saifullah Abro, demanded explanations from the Power Division, asking under which the loadshedding was taking place.
The panel was informed that the demand for electricity increased by 38 per cent in April as compared to the previous year.
Read Pakistan Petroleum’s profit increases 74% to Rs20.62b
It was told that country’s power generation capacity was about 38,000 megawatts, but due to non-supply of fuel and RLNG, many power generation plants have been shut down.
The country's current power generation was about 18,500 megawatts, the additional secretary Power Division told the committee.
The chairman of the committee said that while procuring RLNG, care should be taken to deal with suppliers who did not default when there was a price hike, adding that the amount of performance guarantee should be such that the supplier could not default.
However, sources in the Power Division told the Express Tribune that the gap between supply and demand was 7,300 megawatts. At present, the peak generation stood at 18,700 megawatts while even constrained demand goes beyond 26,000 megawatts.
They revealed that the country was generating 3,800 megawatts from hydropower, 900 megawatts from government thermal power plants and 14,000 megawatts from power plants.
Explaining the causes of the shortfall, the sources said that the total power generation capacity was 36,016 megawatts. However, the ability of the power plants to generate enough electricity was stymied by an insufficient supply of LNG and furnace oil, due to which only 18,000 megawatts were being generated.
Power transmission lines
The Senate's panel on power also discussed the question raised by Senator Syed Muhammad Sabir Shah regarding heavy power transmission lines running over the lands in Ghazi Tehsil of Haripur District.
The additional secretary explained that as per the existing policy, the owners on whose lands the transmission lines were configured were paid a reasonable amount. He added that any construction near the transmission lines was prohibited.
Senator Syed Sabir Shah lamented that due to the presence of heavy transmission lines, the lands were rendered virtually useless as people could neither do construction nor could they use it for agricultural purposes.
Read PM orders cut in load shedding duration by next month
Authorities should buy the land from the people or pay a reasonable royalty to them, he demanded.
Meanwhile, Senator Saifullah Sarwar Khan Niazi emphasised that the royalty should be paid in proportion to the revenue generated from electricity so that the people could have a source of regular income.
The additional secretary Power Division said that the existing law needed to be amended to introduce a new policy.
The chairman of the committee directed the concerned authorities to review the policy in this regard and submit suggestions in the next committee meeting.
Express Tribune
Bewal Express
Test Star
- Joined
- Nov 6, 2005
- Runs
- 37,391
Incompetent imported crooks strike again. [MENTION=131701]Mamoon[/MENTION] is this what a proper PM does? Is the way to deal with this is to go on holiday with family and allies
when farmers are struggling to get hold of diesel?
- Joined
- Mar 19, 2015
- Runs
- 15,745
PM Shehbaz rejected summary for fuel price increase: Marriyum
Minister of Information and Broadcasting Marriyum Aurangzeb on Thursday announced that Prime Minister Shehbaz Sharif rejected the summary for the increase in prices of petroleum products, accusing the former Pakistan Tehreek-e-Insaaf (PTI) government of 'incompetence' stating that citizens must not suffer due to the mistakes of the former government.
In a statement, Aurangzeb added that the government of former Prime Minister Imran Khan acceded to the harsh conditions of the International Monitory Fund (IMF) and increased the prices of petroleum products in order to secure a loan from the financial watchdog.
“This government is making every possible effort to not further burden people already facing the brunt of high inflation,” the information minister added.
On Tuesday, the Express Tribune reported that the government was likely to make a partial increase in oil prices to do away with the subsidies in order to meet commitment with the IMF amid the highest impact of global oil prices on domestic oil rates in Pakistan.
The likelihood of a hike in oil prices emerged a day after Pakistan and the IMF agreed, in principle, to extend the stalled bailout programme by up to one year and increase the loan size to $8 billion. Subject to the final modalities, the global lender agreed that the programme will be extended by another nine months to one year as against the original end-period of September 2022, the sources added.
Following the rumours of an increase in prices of petroleum products, there were reports of a shortage of oil in different parts of the country.
The previous prime minister had frozen oil prices till the budget amid political turmoil.
The oil and gas regulatory authority (Ogra) had moved a summary to increase the price of diesel over Rs51 per litre to do away with price differential claims from April 16.
However, Prime Minister Shehbaz Sharif had refused to increase prices and turned down the summary.
Faced with panic buying and acute criticism over the supposed shortage of diesel, the All Petroleum Dealers Association warned of shutting down the petrol pumps across the country over unwarranted public wrath.
Speaking at a news conference, the association’s information secretary Nauman Ali Butt claimed that international and local companies were involved in the diesel crisis, regretting that people were unfair in casting suspicions over the petrol dealers.
He said that there was a scarcity of diesel in major districts of Punjab and informed that the association was trying to talk to Ogra about the issue.
https://tribune.com.pk/story/2354599/pm-shehbaz-rejected-summary-for-fuel-price-increase-marriyum
Minister of Information and Broadcasting Marriyum Aurangzeb on Thursday announced that Prime Minister Shehbaz Sharif rejected the summary for the increase in prices of petroleum products, accusing the former Pakistan Tehreek-e-Insaaf (PTI) government of 'incompetence' stating that citizens must not suffer due to the mistakes of the former government.
In a statement, Aurangzeb added that the government of former Prime Minister Imran Khan acceded to the harsh conditions of the International Monitory Fund (IMF) and increased the prices of petroleum products in order to secure a loan from the financial watchdog.
“This government is making every possible effort to not further burden people already facing the brunt of high inflation,” the information minister added.
On Tuesday, the Express Tribune reported that the government was likely to make a partial increase in oil prices to do away with the subsidies in order to meet commitment with the IMF amid the highest impact of global oil prices on domestic oil rates in Pakistan.
The likelihood of a hike in oil prices emerged a day after Pakistan and the IMF agreed, in principle, to extend the stalled bailout programme by up to one year and increase the loan size to $8 billion. Subject to the final modalities, the global lender agreed that the programme will be extended by another nine months to one year as against the original end-period of September 2022, the sources added.
Following the rumours of an increase in prices of petroleum products, there were reports of a shortage of oil in different parts of the country.
The previous prime minister had frozen oil prices till the budget amid political turmoil.
The oil and gas regulatory authority (Ogra) had moved a summary to increase the price of diesel over Rs51 per litre to do away with price differential claims from April 16.
However, Prime Minister Shehbaz Sharif had refused to increase prices and turned down the summary.
Faced with panic buying and acute criticism over the supposed shortage of diesel, the All Petroleum Dealers Association warned of shutting down the petrol pumps across the country over unwarranted public wrath.
Speaking at a news conference, the association’s information secretary Nauman Ali Butt claimed that international and local companies were involved in the diesel crisis, regretting that people were unfair in casting suspicions over the petrol dealers.
He said that there was a scarcity of diesel in major districts of Punjab and informed that the association was trying to talk to Ogra about the issue.
https://tribune.com.pk/story/2354599/pm-shehbaz-rejected-summary-for-fuel-price-increase-marriyum
Bewal Express
Test Star
- Joined
- Nov 6, 2005
- Runs
- 37,391
Already gone to the IMF for a loan. [MENTION=131701]Mamoon[/MENTION], what's going on with the proper PM? Between 2007 and 2018, they borrowed $70bn and at the end of it they left PK bankrupt, back to same old tricks.
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