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More misery for the masses as petrol prices in Pakistan are likely to rise [Post Updated # 419]

Bewal Express said:
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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I wonder how much of that $70 BILLION was spent on the improvement of Pakistan? Perhaps not even 10 percent. And the rest went to their off-shore accounts.

The audacity that these sick people to go for Umrah after doing such great injustice to millions of people.
 
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The national kitty will take a Rs40 billion hit in the next two weeks as the government has kept the prices of subsidised petroleum products unchanged for a fortnight up to May 15.

However, sources in the government said oil prices were likely to be raised for the second fortnight of May, not only to offset growing price differential claims (PDCs) to oil companies but also to meet International Monetary Fund conditions.

In a statement on Saturday, the finance ministry said the premier had issued directions to keep petroleum prices unchanged to avoid burdening citizens.

“In the fortnightly review of petroleum products’ prices, the prime minister has rejected the proposal of Ogra [the Oil and Gas Regulatory Authority] for an increase in prices of petroleum products,” the finance ministry said.

As a result, the per-litre price of petrol will remain Rs149.86, high-speed diesel Rs144.15, kerosene Rs125.56, and light diesel oil Rs118.31.

With this decision, another Rs40bn has been added to the PDC to be paid by the government to oil companies. The bulk of these claims will go to state-owned Pakistan State Oil (PSO).

Sources in the petroleum division said the tentative amount PDC stood at Rs76bn for April and Rs31.3bn for March. The total impact of the subsidy would be around Rs90bn for May if the government kept oil prices unchanged during the month, they said.

Keeping the fuel subsidy intact “will not only burden the national kitty but also affect oil companies’ financials, especially those of the PSO, because government’s releases for the PDC are always delayed,” a senior official of the petroleum division said.

The officials added that the total impact of PDC since March had been estimated at Rs200bn, whereas the government had so far released Rs71.3bn as price differential claims to oil companies, particularly national and multinational private firms.

On the other hand, if the government abolishes the current price differential claims of subsidy on oil products, the price of diesel could rise to Rs216.48 per litre and that of petrol to Rs180.17 per litre.

But that may damage the overall economy, as diesel is widely used as commercial fuel in transport and agriculture sectors and even operating large generators amid power outages across the country. Therefore, an increase in diesel prices will stoke up inflation.

An expensive diesel will also make the wheat harvest costly, as tractors running on the fuel operate thrashers and transport the produce to its destinations.

Similarly, high petrol prices will have a greater impact on urban dwellers, particularly when its alternative, CNG, is not available in the country.

Published in Dawn, May 1st, 2022
 
MenInG said:
The national kitty will take a Rs40 billion hit in the next two weeks as the government has kept the prices of subsidised petroleum products unchanged for a fortnight up to May 15.

However, sources in the government said oil prices were likely to be raised for the second fortnight of May, not only to offset growing price differential claims (PDCs) to oil companies but also to meet International Monetary Fund conditions.

In a statement on Saturday, the finance ministry said the premier had issued directions to keep petroleum prices unchanged to avoid burdening citizens.

“In the fortnightly review of petroleum products’ prices, the prime minister has rejected the proposal of Ogra [the Oil and Gas Regulatory Authority] for an increase in prices of petroleum products,” the finance ministry said.

As a result, the per-litre price of petrol will remain Rs149.86, high-speed diesel Rs144.15, kerosene Rs125.56, and light diesel oil Rs118.31.

With this decision, another Rs40bn has been added to the PDC to be paid by the government to oil companies. The bulk of these claims will go to state-owned Pakistan State Oil (PSO).

Sources in the petroleum division said the tentative amount PDC stood at Rs76bn for April and Rs31.3bn for March. The total impact of the subsidy would be around Rs90bn for May if the government kept oil prices unchanged during the month, they said.

Keeping the fuel subsidy intact “will not only burden the national kitty but also affect oil companies’ financials, especially those of the PSO, because government’s releases for the PDC are always delayed,” a senior official of the petroleum division said.

The officials added that the total impact of PDC since March had been estimated at Rs200bn, whereas the government had so far released Rs71.3bn as price differential claims to oil companies, particularly national and multinational private firms.

On the other hand, if the government abolishes the current price differential claims of subsidy on oil products, the price of diesel could rise to Rs216.48 per litre and that of petrol to Rs180.17 per litre.

But that may damage the overall economy, as diesel is widely used as commercial fuel in transport and agriculture sectors and even operating large generators amid power outages across the country. Therefore, an increase in diesel prices will stoke up inflation.

An expensive diesel will also make the wheat harvest costly, as tractors running on the fuel operate thrashers and transport the produce to its destinations.

Similarly, high petrol prices will have a greater impact on urban dwellers, particularly when its alternative, CNG, is not available in the country.

Published in Dawn, May 1st, 2022
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They can't make the hard decisions. You wanted the power, well its time to show that you can do things other than get each other off ECL and start Fake FIR against IK
 
Well both PDM and PTI have jointly sunk the economy. The situation will head towards SL like crisis.
 
wasim-fan said:
Well both PDM and PTI have jointly sunk the economy. The situation will head towards SL like crisis.
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When will they make the tough decisions? Isn't that what govt is about? Maryam told us that it was IKs fault so whose fault will this be.
 
Bewal Express said:
When will they make the tough decisions? Isn't that what govt is about? Maryam told us that it was IKs fault so whose fault will this be.
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Forget about this, unki kanpain taang rahe ha, you don't know the anger, even PMlN supporters are so angry, I have been receiving messages from PMLN supporters in our doctors groups that they no more support these crooks and have already joined PTI and everyone is ready to give them a tough time.I hope they don't come out in public like IK came yesterday.
The game is over for themz let them enjoy the zalalat for few days
 
DRsohail said:
Forget about this, unki kanpain taang rahe ha, you don't know the anger, even PMlN supporters are so angry, I have been receiving messages from PMLN supporters in our doctors groups that they no more support these crooks and have already joined PTI and everyone is ready to give them a tough time.I hope they don't come out in public like IK came yesterday.
The game is over for themz let them enjoy the zalalat for few days
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I saw their supporters at a cricket match and they were also on the defensive. Its the reason the Rana the Qatil was behind the FIR against IK and Sh Rashid nephew. I think its time the whole crooked elite fell including the judges and the media.
 
Bewal Express said:
I saw their supporters at a cricket match and they were also on the defensive. Its the reason the Rana the Qatil was behind the FIR against IK and Sh Rashid nephew. I think its time the whole crooked elite fell including the judges and the media.
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IA, Allah la haq Ha.
 
Finance Minister Miftah Ismail on Wednesday said that diesel and petrol prices would have been significantly more expensive based on the agreement the previous PTI government made with the International Monetary Fund (IMF).

Speaking to the media in Karachi, the minister came down hard on the PTI regime for what he said was its incompetence in addressing the country's economic challenges.

"They told the IMF that they would not incur a loss (offer subsidies) on diesel — right now you are incurring a loss of Rs70 per litre — but they had promised the IMF that they would not incur a loss and would instead impose a Rs30 levy and 17 per cent sales tax, which means that, according to the agreement made with the PTI, diesel should be Rs150 more expensive. What is Rs145 right now should be Rs295," Ismail said.

He alleged the previous government did not tell the people about these agreements, adding that Prime Minister Shehbaz Sharif "was and is resisting" these pacts.

"They had vowed to eliminate the loss of Rs30 in petrol prices, place a levy of Rs30 and a sales tax of 17pc, increasing [the price] by approximately Rs90. This also Shehbaz Sharif has resisted and will continue to do so."

The minister claimed that the previous government spoke in "two tongues", making different promises here and different promises abroad.

'Govt has reduced sugar, wheat prices'
Ismail said that ever since PM Shehbaz had assumed office, the government was primarily focusing on reducing the prices of essential commodities. He claimed that the PTI government had made agreements that were difficult to fulfil.

"One the one hand, Imran sahab made agreements with the IMF [...] despite this, by the grace of God, sugar is available at cheap rates for the first time since 2019," he said, adding that sugar was available for Rs70-75 even though the dollar [rate] was at Rs180-190.

He also asked if it was a coincidence that sugar prices had reduced ever since Imran Khan was ousted.

He added that the Utility Stores Corporation was selling sugar at a further reduced price. In the same way, a 20kg bag of flour was available for Rs800 while a 10kg bag was selling for Rs400, down from Rs1,100 and Rs550, respectively, he said.

"The credit for this also goes to Shehbaz Sharif and this government," he said.

Talking about ghee prices, the minister said that it was currently available at utility stores for Rs260 per kilogramme. He claimed that former prime minister Imran Khan left behind record inflation which was caused by record deficits and debts.

He said that the previous government used to say that Miftah Ismail's business had soared during their tenure, using it as proof of their performance.

The minister said that the real example the government should have given was of Farah Khan, a close friend of Imran's wife Bushra Bibi, who is being investigated by the anti-graft watchdog on allegations of accumulating illegal assets beyond known sources of income and money laundering.

"Look at how she progressed. But I think her business has suffered because she left Pakistan for Dubai," he said, pointing out that the former accountability czar, Shahzad Akbar, had also left the country.

"When Imran Khan came into power, we stuck around and served jail sentences. So why are Imran Khan's people leaving? If you want to make a Riyasat-i-Madina, then do it from here and not from Dubai."

He said that the former premier would have answer for why transfers and postings were done at "Farah's directives" as well as why "cases were made and wrapped up on Akbar's orders".

Ismail called on Imran to answer for the "inflation and the corruption he had left behind".

'Loadshedding ended during Eid"

The minister also took the former government to task over the power issues in the country. "Khan sahab, tell us how many power plants you set up? Is it not true that plants producing 7,500MW of electricity were closed due to lack of furnace oil or gas?"

He alleged that plants producing 2,000MW were closed as the previous government did not bother to maintain them. Ismail went on to say that PM Shehbaz and Khurram Dastgir Khan, the federal minister for power, had "ended loadshedding" during the Eid holidays.

The minister said that Imran had left behind loadshedding in a country where former prime minister Nawaz Sharif had set up power plants all over. "We had the ability to produce power [but] plants were closed due to their incompetence which caused loadshedding."

DAWN
 
Finance Minister Miftah Ismail said on Thursday that the government would try its best to maintain petrol prices and assured that even if the rates were increased, no new tax or levy would be imposed.

The previous PTI government had announced a four-month freeze (until June 30) on petrol and electricity prices on February 28 as part of a series of measures to bring relief to the public.

The PML-N led coalition government has severely criticised the previous Imran-led government for first failing to control fuel prices in the country and later for "derailing" the International Monetary Fund (IMF) programme through fuel subsidies.

In recent meetings with the new finance minister, the IMF has linked the continuation of its loan programme with the reversal of fuel subsidies, which Pakistan cannot afford. But Prime Minister Shehbaz Sharif has now twice rejected the Oil and Gas Regulatory Authority's (Ogra) summaries to increase fuel prices — a move that has been criticised by experts.


Ismail, in his presser today in Karachi, said the government had previously never sold petrol at a loss because the economy could not afford it, adding that if fuel prices are not hiked in May, the treasury will lose Rs102 billion.

Ismail blamed the previous Imran Khan-led government for implementing policies that contradicted what was agreed by them during meetings with the IMF in Washington.

The government was currently accruing a loss of Rs30 per litre on petrol, he said, claiming the previous government had agreed to not only avoid a loss of Rs30 per litre but also impose a tax of Rs30 and 17pc sales tax.

The price of petrol should have been Rs245 per litre according to the agreement the former government did with the IMF, he said. However, the PML-N led government was still selling petrol at Rs145 per litre and would try its best to maintain that price, he added.

"The difference in their (PTI government's) words and actions is Rs100," he said. The incumbent government was losing Rs70 per litre on diesel, the finance minister shared, claiming that the burden of these subsidies had been placed on the public.

In his press conference today, Ismail said if the current oil prices were maintained for May — and asserted that no decision had been taken to increase them — then the government would lose Rs102 billion.

"The entire monthly cost of running the civilian government is Rs45bn, including the courts, the education and police systems. We are accruing losses of Rs102bn only on fuel which is equal to the cost of running two and a quarter governments ... This cannot happen."

The finance minister elaborated that the government had to borrow Rs102bn from the market but liquidity had been tightened. The government could no longer borrow money from the State Bank of Pakistan (SBP) because of new laws related to its autonomy, he added.

"If I did that, the federal government would have to pay interest but it would come back to the State Bank. When the SBP lends to us, it means we are printing money which increases inflation."

However, when the government borrowed money from private banks, a few other factors came into play, including a higher interest rate, he said.

The interest rate was so high, the market had been shaken, he claimed, adding that when the government borrowed from private banks, they did not have enough money left to lend to the private sector which resulted in reduced investment and industrialisation.

In addition, banks did not have enough money left to open LCs (letters of credit), leading to increased inflation, he said. "When the big companies do not have money and banks delay opening LCs, then there is a shortage of fuel because of which load-shedding increases."

Power plants
Ismail claimed that 7,500 megawatts power plants remained shut during the PTI government's tenure because they did not have fuel while 2,000 MW power plants were closed because of lack of maintenance.

The PTI government had discouraged meritocracy from the first day, he said, claiming that since the government had borrowed so much money, his ministry did not have enough to pay the Power Division to purchase fuel for the plants.

The Pakistan State Oil's (PSO) receivables were over Rs500bn and it would not be able to function if money was not provided, he said.

"In [Imran] Khan sahb's time, the PSO wrote to the energy secretary that it cannot import oil for other companies because it does not have the capacity. SNGPL (Sui Northern Gas Pipelines Limited), which supplies gas in Punjab and KP, has faced Rs200bn losses in the last three years.

"We have to fulfil that loss otherwise it will also face supply problems. We also have to give PSO money. Imran Khan's government has left problems everywhere because of incompetence and corruption."

When the PML-N government's tenure ended in 2018, the country was progressing and there was no circular debt in the gas sector, Ismail said.

"There was no load-shedding in the gas sector. Now, load-shedding in the gas sector [is because of shortage of] Rs1,500bn. Can Imran Khan get me that money?

"We left [the circular debt at] Rs1,062bn in 2018. Circular debt is at Rs2,600bn now. Will they (PTI) give me that?" he asked, questioning who would be held accountable.

DAWN
 
If Pakistan buys 30% cheaper oil from Russia, it will not have to pay a subsidy, PTI leader and former federal minister Hammad Azhar says.

He said the PTI government had started talks with Russia for cheap oil.

"Our government had not given the International Monetary Fund [IMF] the power to fix the prices of petroleum products," he said, addressing a press conference in Lahore.

"If the incumbent government is unable to manage the affairs, it should announce the general election forthwith".

Azhar said that the people expected the present government would give a direction. "People were expecting the government would share how to stabilise the Pakistani rupee," he said.

If the government wants to increase the prices, it should do so but it should not create ambiguity, he said. "The (former) Prime Minister [Imran Khan] had promised the nation that prices of petroleum products will not go up till June," he continued.

The former federal minister said that foreign reserves were on the rise during the PTI tenure. The government has created a self-imposed crisis of diesel and load-shedding and the economy has become chaotic within a month, he said. "It is mismanagement as farmers are anxious about [the availability of] diesel today, while inflation has climbed to beyond 13%," he said.

Hammad warned that if the government resorts to arrests, the situation would go elsewhere.

"Where is your administration? You used to launch the Mehngai March. But now, the government's legs are shaking," he said.

In comparison, the PTI government reduced electricity by Rs5, he said.

The PTI leader said these political parties were not ready to sit with each other in February.

Rural areas of Sindh are being controlled by Zardari raj [rule], he added.

GEO
 
MenInG said:
If Pakistan buys 30% cheaper oil from Russia, it will not have to pay a subsidy, PTI leader and former federal minister Hammad Azhar says.

He said the PTI government had started talks with Russia for cheap oil.

"Our government had not given the International Monetary Fund [IMF] the power to fix the prices of petroleum products," he said, addressing a press conference in Lahore.

"If the incumbent government is unable to manage the affairs, it should announce the general election forthwith".

Azhar said that the people expected the present government would give a direction. "People were expecting the government would share how to stabilise the Pakistani rupee," he said.

If the government wants to increase the prices, it should do so but it should not create ambiguity, he said. "The (former) Prime Minister [Imran Khan] had promised the nation that prices of petroleum products will not go up till June," he continued.

The former federal minister said that foreign reserves were on the rise during the PTI tenure. The government has created a self-imposed crisis of diesel and load-shedding and the economy has become chaotic within a month, he said. "It is mismanagement as farmers are anxious about [the availability of] diesel today, while inflation has climbed to beyond 13%," he said.

Hammad warned that if the government resorts to arrests, the situation would go elsewhere.

"Where is your administration? You used to launch the Mehngai March. But now, the government's legs are shaking," he said.

In comparison, the PTI government reduced electricity by Rs5, he said.

The PTI leader said these political parties were not ready to sit with each other in February.

Rural areas of Sindh are being controlled by Zardari raj [rule], he added.

GEO
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They can't do a deal with Russia because the Americans would have their guts for garters. India has done it and we are beholden to a power that treats us like crap. These bikharis are loyal to their masters not PK.
 
Not much longer for the Petrol Bomb to come. I think they will raise it on the 15th, they have already been blaming IK for leaving "landmines" for PDM.
 
Major said:
Rs. 127.30 per liter.

This is the same party whose leader used to block roads and do dharnas while being in a befuddle state and claiming that the govt was charging more price of petrol and he would cause it go lower.


Sad day for Pakistan and it happened under the same guy who bashed the previous govts and made false promises.

They even tried to defend this move in the govt issued notification that its still the lowest in the region, thus expect the overseas fan boys who are unaffected to start defending him here.
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This hogwash is aging well on you, isn't it? :D

Well, you guys are in good hands now. All the best.
 
The federal government is mulling over a plan to cut subsidies on petroleum products in phases -- Rs25 per litre on petrol and Rs40 per litre on high speed diesel (HSD) in the first one -- in a bid to reduce the volume of the mounting price differential claims.

The prices of petrol and high speed diesel (HSD) will jump up to Rs195 per litre and Rs230 per litre respectively, if the federal government withdraws all the subsidies on them at once.

The subsidies on petroleum products continue to swell because of higher global oil prices and depreciation of the local currency against the US dollar that may lead to a higher budget deficit.

In addition, the government is also facing problems of balance of payment and wants to avail the International Monetary Fund (IMF) bailout package.

Sources said that government is currently giving a subsidy of Rs29.60 per litre on petrol. This volume may rise by Rs45.14 per litre if the government continues to keep the oil prices unchanged from the 16th of this month.

The government has been proposed to increase the price of petrol by Rs15.14 per litre from May 16.
In case of HSD, there is a proposal to hike its price by Rs12.85 per litre from the same date.

At present, the government is giving subsidies on diesel at Rs73 per litre that may jump to Rs85.85 per litre in case its rate is not increased.

HSD is widely used in farm and transport sectors. Therefore, any increase in its price will have an inflationary impact on the lives of the people.

The hike in global oil prices and depreciation of the Pakistani rupee against the US dollar continues to swell subsidies on the petroleum products.

With the rupee’s fall, a 3.17% increase in prices of petroleum products has been projected from May 16.
The average exchange rate had been Rs185.95 to the dollar a few days ago, which rose to Rs191.84, having an impact of around Rs5.90 per litre on prices of petroleum products.

The price differential has also started impacting the state-run oil marketing company, the Pakistan State Oil (PSO), which is to receive Rs41.62 billion.

The company’s total receivables have swelled to Rs551 billion. Gas utility Sui Northern Gas Pipelines Limited (SNGPL) has to pay Rs282 billion to PSO on account of liquefied natural gas (LNG) supply.

The price differential has added Rs41 billion, which took the total receivables to an all-time high at Rs551 billion.

The power sector is another major defaulter of PSO, which has to pay Rs172 billion on account of fuel supply.

Earlier, the economists and the government authorities had urged Prime Minister Shehbaz Sharif to increase the prices of petroleum products to ease the pressure of price differential claims.

Pakistan had also committed to the IMF to end energy subsidies. However, PM Shehbaz had not increased the prices of petroleum products fearing a political backlash.

As the price differential claims continue to pile up, the Petroleum Division is seeking an allocation of Rs118 billion to bear the cost of freezing oil prices amid surging crude oil in the global market due to the Russia-Ukraine war.

The government has projected subsidy claims of Rs226 billion from the oil companies for the March-June 2022 period.

The Finance Division endorsed the allocation of Rs52 billion for the first fortnight of May 2022, saying that the allocation for the next fortnight would be considered later.

The Petroleum Division projected the total subsidy of Rs118.6 billion for the month of May, which the government would have to give to the oil companies for leaving petroleum prices unchanged.

In order to provide relief to the consumers, the former government had announced a relief package on February 28, 2022. It had slashed prices of petrol and HSD by Rs10 per litre each, saying that the prices would be kept unchanged till the next fiscal year’s budget.

As a cap had been placed on oil prices, the petroleum levy and general sales tax for petrol and diesel were brought down to zero.

As a result, the price differential claims between the capped rates and prices of subsequent period from March-June 2022 of petrol and HSD were projected at Rs336.01 billion -- to be paid to the oil marketing companies (OMCs) and refineries by the government.

To avert any shortage in the market, petroleum ministry officials said it was essential to provide confidence to the OMCs and refineries that any price differential borne by them during a fortnight should be provided to them promptly
 
ISLAMABAD: Finance Minister Miftah Ismail on Sunday said that the government has no intention to increase the prices of petroleum products for now.

Addressing a press conference, the finance minister said that Prime Minister Shehbaz Sharif has rejected the proposal to hike petroleum prices today, saying that the government could not put further burden on the masses.

Later, taking to Twitter, he wrote that while the prices of petroleum products will not be increased as of now, the government may have to "revisit the decision soon" owning to changing circumstances and international oil prices.

Criticising the PTI-led government, Miftah said during the presser that the former finance minister Shaukat Tarin had promised the International Monetary Fund (IMF) that the then government would abolish all the subsidies on petrol.

Referring to the devaluation of the rupee, the finance minister said that the dollar was at Rs115 during the PML-N's previous tenure, but it surged to Rs189 during the four-year term of the PTI’s government.

"The PTI-led government brought the country to the brink of economic disaster," he said. "We are trying to mend the situation now."

Ismail further said that the current coalition government was also working to improve the agriculture sector of the country.

"The government will import edible oil worth $4 billion, while we will not import any sugar during the current fiscal year."

Speaking about the government's talks with the IMF, Ismail added: “I am going to negotiate with the IMF and will resolve all the issues in a better manner."

GEO
 
Oil price hike or dissolution of NA – key decisions expected next week

The PMLN has yet to announce its decision after the three-day-long detailed consultation with the party leader Nawaz Sharif in London
ISLAMABAD: The coming week is critically important for the country as Prime Minister Shehbaz Sharif will either take the tough decision of raising fuel prices or dissolve the National Assembly.

PMLN sources say that both the options are still on the table and there is a proposal of inviting all the different stakeholders, possibly to a special National Security Committee meeting, for a consensus decision on the economy and new elections.

The PMLN has yet to announce its decision after the three-day-long detailed consultation with the party leader Nawaz Sharif in London. The economic condition of the country is alarming and needs radical and tough decisions to avoid a default.

The sources said that Nawaz Sharif was told that if tough decisions are taken, the PMLN-led coalition would have to pay a high political price. The new government has no guarantee of continuing until August 2023 as the options being discussed see elections being held as soon as in October this year.

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No early elections, London huddle decides

Staying in the government for three to six months could be disastrous for the PMLN as there is no escape from taking tough and unpopular decisions, including the withdrawal of the oil subsidy, which would lead to a phenomenal price hike.

The London huddle discussed whether the PMLN should dissolve the assembly now or complete the full term (till August 2023), which is only possible if the government takes the difficult decisions.

It was also suggested that Prime Minister Shehbaz Sharif should initiate a national dialogue to inform all the stakeholders -- including political parties, the establishment, media, judiciary etc -- about the grave situation of the economy and the need to take urgent decisions before Pakistan ends up in a much deeper economic crisis. Such a move will help shift the onus of the decision on all stakeholders.

It was also discussed that without any delay, the prime minister could also convene a meeting of the National Security Committee where the president, chairman Senate, speaker National Assembly, provincial chief ministers, Chief Justice Pakistan, chief justices of the high courts and others, should be specially invited to discuss the economic issues. The same forum, it is said, could even decide the dissolution of the National Assembly and date for the next elections.

Although, Nawaz Sharif was not keen to shift the burden of fuel costs to the masses, he was told that there was no option but to increase the petrol and diesel prices. It was pointed out that there is no country except Pakistan in the world which subsidises fuel.

It was said that if the government does not increase the fuel prices, Pakistan will default in three months and the rupee will nosedive resulting in high inflation. In such a situation, the meeting was warned, Pakistan may face a much worse situation than what is happening in Sri Lanka.

It was also discussed that without the IMF programme, Pakistan’s economy could not avoid a default as loans and financial assistance of all friendly countries and the international financial organisations are linked to meeting IMF conditionalities, which include withdrawal of the oil subsidy.

It was also discussed that if the Shehbaz Sharif government withdraws the subsidy on petrol price and meets other IMF conditionalities, even then the government will have to renegotiate the IMF conditions in August this year.

The meeting was told that there is no assurance, even if the government could survive till August, as the options being discussed are elections in September or October.

Nawaz Sharif was told that if the PMLN government does not want to increase the fuel prices to avoid shifting the burden on the masses and check a further price hike, it is better to dissolve the assemblies and go for fresh elections.

In case the government decides to increase the fuel prices and to pay the political price, Nawaz Sharif was told, the government needs to work at full throttle and think of out-of-the-box solutions over the next 15 months and deliver the level of governance and an economic turnaround required to win the elections.

https://www.thenews.com.pk/print/95...lution-of-na-key-decisions-expected-next-week
 
It was also discussed that without any delay, the prime minister could also convene a meeting of the National Security Committee where the president, chairman Senate, speaker National Assembly, provincial chief ministers, Chief Justice Pakistan, chief justices of the high courts and others, should be specially invited to discuss the economic issues.

Hilarious, so PDM wants Judges, COAS to help them in solving economic issues :)))
[MENTION=1269]Bewal Express[/MENTION] [MENTION=140234]DRsohail[/MENTION] [MENTION=156349]Hextro[/MENTION]
 
Hermoine Green said:
It was also discussed that without any delay, the prime minister could also convene a meeting of the National Security Committee where the president, chairman Senate, speaker National Assembly, provincial chief ministers, Chief Justice Pakistan, chief justices of the high courts and others, should be specially invited to discuss the economic issues.

Hilarious, so PDM wants Judges, COAS to help them in solving economic issues :)))
[MENTION=1269]Bewal Express[/MENTION] [MENTION=140234]DRsohail[/MENTION] [MENTION=156349]Hextro[/MENTION]
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They wanted power at all cost and they got it with the help of America and Bajwa. They just wanted it to kill a few people in the FIA and get rid of their cases,kill EVMS and votes for overseas PKs, and most importantly chose their COAS for next army chief. They dont have the balls to make tough decisions and want everyone to take responsibility for decisions govts have to make. PK was stable and doing OK until the sazish and today its in crisis.
 
Bewal Express said:
They wanted power at all cost and they got it with the help of America and Bajwa. They just wanted it to kill a few people in the FIA and get rid of their cases,kill EVMS and votes for overseas PKs, and most importantly chose their COAS for next army chief. They dont have the balls to make tough decisions and want everyone to take responsibility for decisions govts have to make. PK was stable and doing OK until the sazish and today its in crisis.
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They came to make election reforms like striping overseas Pakistanis of voting rights and outlawing EVMs. Handling the economy is the least of their concerns, we can go bankrupt for all they care.

We need to get rid of these guys at all costs.
 
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Hextro said:
They came to make election reforms like striping overseas Pakistanis of voting rights and outlawing EVMs. Handling the economy is the least of their concerns, we can go bankrupt for all they care.

We need to get rid of these guys at all costs.
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Despite all the guff about inflation, they had no plan, no nothing and because or their Sazish, our reserves decreased by 6bn in a month. They don't have the balls to make tough decisions because they lack popular support and now we are hurtling towards bankruptcy. Where is Bajwa and the establishment- bloody criminals putting other criminals in charge
 
Bewal Express said:
They wanted power at all cost and they got it with the help of America and Bajwa. They just wanted it to kill a few people in the FIA and get rid of their cases,kill EVMS and votes for overseas PKs, and most importantly chose their COAS for next army chief. They dont have the balls to make tough decisions and want everyone to take responsibility for decisions govts have to make. PK was stable and doing OK until the sazish and today its in crisis.
Click to expand...

Hextro said:
They came to make election reforms like striping overseas Pakistanis of voting rights and outlawing EVMs. Handling the economy is the least of their concerns, we can go bankrupt for all they care.

We need to get rid of these guys at all costs.
Click to expand...

And a quick U-Turn
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Let me amplify what I just said in my presser. The government will not raise POL prices today. But due to changing circumstances and international oil prices, we may have to revisit our decision soon.</p>— Miftah Ismail (@MiftahIsmail) <a href="https://twitter.com/MiftahIsmail/status/1525795574678753280?ref_src=twsrc%5Etfw">May 15, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 
Hermoine Green said:
And a quick U-Turn
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Let me amplify what I just said in my presser. The government will not raise POL prices today. But due to changing circumstances and international oil prices, we may have to revisit our decision soon.</p>— Miftah Ismail (@MiftahIsmail) <a href="https://twitter.com/MiftahIsmail/status/1525795574678753280?ref_src=twsrc%5Etfw">May 15, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Click to expand...

So they're still not ready to make a decision? This is even worse than I thought, Miftah and PDM are comically bad.
 
Hermoine Green said:
And a quick U-Turn
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Let me amplify what I just said in my presser. The government will not raise POL prices today. But due to changing circumstances and international oil prices, we may have to revisit our decision soon.</p>— Miftah Ismail (@MiftahIsmail) <a href="https://twitter.com/MiftahIsmail/status/1525795574678753280?ref_src=twsrc%5Etfw">May 15, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Total mess from these idiots. It is the most incompetent, useless govt that any country has seen in Asia. It makes AZs shambles and the Noora govts of the past look decent.
 
The coalition government on Monday approved a Rs55.5 billion supplementary budget to pay for the cost of keeping the fuel prices unchanged during the past two weeks, bringing the total subsidy to a whopping Rs157 billion since former prime minister Imran Khan froze the prices.

Federal Minister for Finance Miftah Ismail chaired the Economic Coordination Committee (ECC) of the Cabinet and approved the subsidy in addition to allowing import of 200,000 metric tonnes of urea from China.

The ECC after deliberation approved supplementary grant of Rs55.48 billion for disbursement of Price Differential Claim (PDC) to Oil Marketing Companies (OMCs) and refineries for the first fortnight of May 2022, according to a statement issued by the Ministry of Finance.

Due to the continuously rising trend of oil prices in the international market, the quantum of subsidy has been on the higher side, it added.

With the fresh approval, the total amount that the taxpayers have so far paid to get fuel at lower than its cost stands at Rs157 billion. Of the Rs157 billion, Rs91 billion is the cost of indecisiveness by the government of Prime Minister Shehbaz Sharif. The Rs157 billion is exclusive of any adverse impact for keeping the prices unchanged for the remainder period of this month.

Shehbaz on Sunday rejected Finance Minister Miftah Ismail’s proposal to increase the prices, which were critical to make a good start in talks with the International Monetary Fund. The talks are scheduled to begin from Wednesday in Doha and the premier’s decision to play politics on national matter could cost the country dearly.

On Sunday, Miftah said that he would again talk to the IMF and find some middle path, hinting at a gradual price adjustment, adding that even though he had requested an increase in petroleum prices, “the prime minister did not agree to do it today”.

The global crude oil prices had jumped from $85 a barrel from the time when former PM Imran froze the prices on February 28 to over $108 now. By doing so, the previous government had not damaged the Pakistan Muslim League-Nawaz (PML-N) but played havoc with the national economy, Miftah said.

The subsidy in April was more than double the amount sanctioned for the month of March, indicating that the political gamble by Imran was not economically sustainable. This has further increased to nearly Rs56 billion for just 15 days –Rs3.7 billion a day.

The former prime minister had announced the relief package on petroleum products on February 28, 2022. The package included a reduction in the consumer price of petrol and high speed diesel (HSD) by Rs10 per litre and a commitment to keep the prices stable till the end of the fiscal year.

On Sunday, PM Shehbaz allowed the continuation of Rs47 per litre subsidy on petrol and Rs86 per litre on diesel for the second half of May. Oil prices have been increasing in the international market since September 2020, resulting in a substantial increase in the consumer prices of petroleum products in the country.

The last government had initially worked out the subsidy requirements at Rs246 billion for both the electricity (Rs136 billion) and fuel subsidies (Rs110 billion). However, the trend of the first two months of the subsidies showed that at the current rate, only the fuel subsidies would amount to over Rs300 billion.

Due to the provision of subsidised fuel and electricity, the federal budget deficit is expected to hit Rs5 trillion in this fiscal year - for the first time ever.

The Ministry of Industries and Production submitted a summary on import of urea and presented that the government intends to create better stock of urea fertiliser to ensure continuity of urea supply during the next financial year. It requested for allowing import of urea from the international market in order to stabilise the local market.

The ECC after discussion allowed the Trading Corporation of Pakistan (TCP) to explore the possibility of importing 200,000 MT of urea on government-to-government basis and on deferred payment, according to the finance ministry.

Express Tribune
 
[MENTION=131701]Mamoon[/MENTION]

See the news above if PTI policies were so damaging why is SS not only continuing the same policy but is actually endorsing it further by supplementing more subsidy.

So if PDM is here to to undo PTI bad governance why is it following on the same path and doing further damage , please explain
 
The crooks blamed IK for the high price, then when in power they claimed PK has the lowest Petrol prices in the region and then said IK has illegally cut prices but they won't increase them. Can anyone make any sense of what these clowns are saying?
 
Bewal Express said:
The crooks blamed IK for the high price, then when in power they claimed PK has the lowest Petrol prices in the region and then said IK has illegally cut prices but they won't increase them. Can anyone make any sense of what these clowns are saying?
Click to expand...

For taking law in their hands and loot the whole country, what else you expect?
 
Xoib said:
[MENTION=131701]Mamoon[/MENTION]

See the news above if PTI policies were so damaging why is SS not only continuing the same policy but is actually endorsing it further by supplementing more subsidy.

So if PDM is here to to undo PTI bad governance why is it following on the same path and doing further damage , please explain
Click to expand...

Sir Mamoon , [MENTION=135038]Major[/MENTION] masoomana sawal I will repeat again.

If PTI economic policies are so damaging to the country why is SS endorsing it by increasing the much maligned petroleum subsidy by another 50% and what is the solution to pay for it in future atleast IK was trying to get discounted oil from Russia what is SS Master plan? Can you shed light on this.
 
Xoib said:
Sir Mamoon , [MENTION=135038]Major[/MENTION] masoomana sawal I will repeat again.

If PTI economic policies are so damaging to the country why is SS endorsing it by increasing the much maligned petroleum subsidy by another 50% and what is the solution to pay for it in future atleast IK was trying to get discounted oil from Russia what is SS Master plan? Can you shed light on this.
Click to expand...

Both are fools.
 
Xoib said:
Sir Mamoon , [MENTION=135038]Major[/MENTION] masoomana sawal I will repeat again.

If PTI economic policies are so damaging to the country why is SS endorsing it by increasing the much maligned petroleum subsidy by another 50% and what is the solution to pay for it in future atleast IK was trying to get discounted oil from Russia what is SS Master plan? Can you shed light on this.
Click to expand...

And pay discounted crude with what exactly? IK wasn't looking to buy discounted Russian crude as they do not sell on credit and Pakistan cannot buy without it! Pakistan's import basket has always been decided by who loans the most. Crude and refined product are being imported using credit facilities and the biggest beneficiaries/lenders are Saudi, UAE, Qatar etc..... both in terms of product sold and interest accrued.
 
shortbread said:
And pay discounted crude with what exactly? IK wasn't looking to buy discounted Russian crude as they do not sell on credit and Pakistan cannot buy without it! Pakistan's import basket has always been decided by who loans the most. Crude and refined product are being imported using credit facilities and the biggest beneficiaries/lenders are Saudi, UAE, Qatar etc..... both in terms of product sold and interest accrued.
Click to expand...
Situation has changed for Russia they would be willing or already were willing at that time to be flexible with payment terms.
 
Xoib said:
Situation has changed for Russia they would be willing or already were willing at that time to be flexible with payment terms.
Click to expand...

No they wont, they cannot afford to accommodate tomorrow's debt when threatened by sanctions left, right and centre. No Russian bank is brave enough to do this now. They will not accept PKR either. It's exorbitantly expensive hiring tankers right now and insuring product being shipped on such a long route, it's a money upfront business when dealing with Russian crude.

A solution could be taking advantage to crude being piped to China and buying refined product from the latter. Again Chinese credit is not cheap. Options are limited and the Middle East players have been the most accommodative.
 
shortbread said:
No they wont, they cannot afford to accommodate tomorrow's debt when threatened by sanctions left, right and centre. No Russian bank is brave enough to do this now. They will not accept PKR either. It's exorbitantly expensive hiring tankers right now and insuring product being shipped on such a long route, it's a money upfront business when dealing with Russian crude.

A solution could be taking advantage to crude being piped to China and buying refined product from the latter. Again Chinese credit is not cheap. Options are limited and the Middle East players have been the most accommodative.
Click to expand...
Well no point for us to argue on this since we will never get to know how this deal would have been negotiated givin IK is no longer there so it's a futile to talk on what if's
 
Amid rising oil consumption and import bill owing to higher international prices, the government is examining the possibility of fuel conservation through reduced working days a week. It hopes to save an estimated annual foreign exchange of up to $2.7 billion.

The estimates are based on three different scenarios in terms of working days and fuel conservation prepared by the State Bank of Pakistan for foreign exchange saving of $1.5bn to 2.7bn.

Pakistan’s total oil import during the first 10 months (July-April) of the current fiscal year (FY22) has gone beyond $17bn, showing a massive 96pc growth compared to the same period last fiscal year. This includes import of petroleum products worth $8.5bn and petroleum crude of $4.2bn, showing 121pc and 75pc surge, respectively.

This increase is not solely because of international price hike as the import quantities of petroleum products and crude have also increased by 24pc and 1.36pc, respectively. Ironically, local refineries during the period (July-April) operated sub-optimally, as evident from a minor increase in crude import and a substantial surge in petroleum products, again with higher import cost.

A senior government official said the relevant authorities — power and petroleum divisions — had been advised to come up with their estimates also including electricity conservation to take up the matter in a holistic manner with cost benefit analysis of various sectors before reaching a conclusion.

He said the central bank’s estimation mostly covered POL (petroleum products) consumption in normal working days a week, including retail business and government offices and educational institutions, which in any case would be on summer holidays. It did not take into account LNG imports which mostly go into the power sector. During the first 10 months of the current fiscal year, LNG imports amounted to $3.7bn, showing an increase of 83pc, though import quantities were on the lower side.

These estimates suggest that additional POL consumption for one more working day a week would cost the nation about $642 million in terms of commuting, which do not include freight and transportation. Conversely, reduced consumption with one less working day a week provides an annual saving of about $2.1bn. All saving numbers are taken for net reduction in oil import but subsidy on petroleum products could also come down by Rs3.5bn per day.

In the first case based on four working days and three holidays in which retail is open like a weekend, the average POL saving is estimated at $122m a month or $1.5bn a year. It may be noted that 90pc of oil consumption is assumed for working days and the remaining 10pc for holiday in a month.

In the second case based on four working days, two holidays and one day of lockdown (retail to remain closed for one day), the saving in the shape of reduced oil import is estimated at $175m a month or $2.1bn a year.

In the third scenario based on four working days, one holiday and two days of lockdown (commercial activities to remain off for two days), the POL saving in import bill could be around $230m or about $2.7bn. This case, however, is considered too harsh as it could negatively affect public confidence.

Officials said the Power Division had advised the new government soon after it came to office to go for reduced working days and limit commercial activities to daylight and launch a national energy conservation drive across the energy consumption sectors with electricity saving of more than 5000MW.

Prime Minister Shehbaz Sharif chose instead to increase working days from five to six a week that had an additional burden in the shape of higher electricity and POL consumption.

Interestingly, the power shortfall currently hovers between 5000 and 7000MW, resulting in loadshedding of up to three hours in major urban centres, an official said, adding that a gap of 3000-3500MW could be easily parked in low revenue, high loss areas with manageable public outcry.

Published in Dawn, May 23rd, 2022
 
For a short term solution the Govt. could look at private enterprises bringing in crude from Iran through back channels. Lack of official oversight/approval will help skirt International sanctions, on the other hand increase in supply will help curb inflation. The establishment/army will only be too happy to play the governing role and pocket their margins. It will come at a substantial discount vis a vis market prices, plus will relieve the govt. of any financial burden involved in making these purchases. Let me clarify, it's a short term solution.

The Russian oil hue and cry is simply propaganda and political wrangling! It takes 2 months to ship crude from Russia, and whichever govt. in power clearly knows they do not have the wherewithal to manage such a complex import.
 
Govt mulls reduced working days to save fuel

ISLAMABAD: Amid rising oil consumption and import bill owing to higher international prices, the government is examining the possibility of fuel conservation through reduced working days a week. It hopes to save an estimated annual foreign exchange of up to $2.7 billion.

The estimates are based on three different scenarios in terms of working days and fuel conservation prepared by the State Bank of Pakistan for foreign exchange saving of $1.5bn to 2.7bn.

Pakistan’s total oil import during the first 10 months (July-April) of the current fiscal year (FY22) has gone beyond $17bn, showing a massive 96pc growth compared to the same period last fiscal year. This includes import of petroleum products worth $8.5bn and petroleum crude of $4.2bn, showing 121pc and 75pc surge, respectively.

This increase is not solely because of international price hike as the import quantities of petroleum products and crude have also increased by 24pc and 1.36pc, respectively. Ironically, local refineries during the period (July-April) operated sub-optimally, as evident from a minor increase in crude import and a substantial surge in petroleum products, again with higher import cost.

A senior government official said the relevant authorities — power and petroleum divisions — had been advised to come up with their estimates also including electricity conservation to take up the matter in a holistic manner with cost benefit analysis of various sectors before reaching a conclusion.

He said the central bank’s estimation mostly covered POL (petroleum products) consumption in normal working days a week, including retail business and government offices and educational institutions, which in any case would be on summer holidays. It did not take into account LNG imports which mostly go into the power sector. During the first 10 months of the current fiscal year, LNG imports amounted to $3.7bn, showing an increase of 83pc, though import quantities were on the lower side.

These estimates suggest that additional POL consumption for one more working day a week would cost the nation about $642 million in terms of commuting, which do not include freight and transportation. Conversely, reduced consumption with one less working day a week provides an annual saving of about $2.1bn. All saving numbers are taken for net reduction in oil import but subsidy on petroleum products could also come down by Rs3.5bn per day.

In the first case based on four working days and three holidays in which retail is open like a weekend, the average POL saving is estimated at $122m a month or $1.5bn a year. It may be noted that 90pc of oil consumption is assumed for working days and the remaining 10pc for holiday in a month.

In the second case based on four working days, two holidays and one day of lockdown (retail to remain closed for one day), the saving in the shape of reduced oil import is estimated at $175m a month or $2.1bn a year.

In the third scenario based on four working days, one holiday and two days of lockdown (commercial activities to remain off for two days), the POL saving in import bill could be around $230m or about $2.7bn. This case, however, is considered too harsh as it could negatively affect public confidence.

Officials said the Power Division had advised the new government soon after it came to office to go for reduced working days and limit commercial activities to daylight and launch a national energy conservation drive across the energy consumption sectors with electricity saving of more than 5000MW.

Prime Minister Shehbaz Sharif chose instead to increase working days from five to six a week that had an additional burden in the shape of higher electricity and POL consumption.

Interestingly, the power shortfall currently hovers between 5000 and 7000MW, resulting in loadshedding of up to three hours in major urban centres, an official said, adding that a gap of 3000-3500MW could be easily parked in low revenue, high loss areas with manageable public outcry.

https://www.dawn.com/news/1691060
 
Which kind of pathetic, brainless clowns we have in govt?

Idiots, if govt is serious about it. It will increase the problems more, because we will be stopping our economy for 3 days.

Dumb
 
 
Major said:
Rs. 127.30 per liter.

This is the same party whose leader used to block roads and do dharnas while being in a befuddle state and claiming that the govt was charging more price of petrol and he would cause it go lower.


Sad day for Pakistan and it happened under the same guy who bashed the previous govts and made false promises.

They even tried to defend this move in the govt issued notification that its still the lowest in the region, thus expect the overseas fan boys who are unaffected to start defending him here.
Click to expand...


lol ... heard that you quickly ran to get inline to happily buy it at Rs 150? :D

What's next price stop? Rs 180?

Goodness me, this OP is aging so well on you.
 
Colorblind Genius said:
lol ... heard that you quickly ran to get inline to happily buy it at Rs 150? :D

What's next price stop? Rs 180?

Goodness me, this OP is aging so well on you.
Click to expand...

This joker of an OP will run away now blaming PML-N only as if his corrupt party PPP is not part of the gov.
 
Colorblind Genius said:
lol ... heard that you quickly ran to get inline to happily buy it at Rs 150? :D

What's next price stop? Rs 180?

Goodness me, this OP is aging so well on you.
Click to expand...

As usual, you failed at comprehending what i wrote.

Go back to imrans dharna days who used to claim that govt was behind the petrol prices and they should lower it just for the sake of it.

Eventually when imran came in govt, he learned that oh this is how prices are determined and work.

He ended up doing the same thing for which he bashed pmln and to defend his move he went on saying that its lowest in region.

Point being, Imran had to take u turn on his earlier dumb theory.

However, i understand this post will also go over your head
 
IAJ said:
This joker of an OP will run away now blaming PML-N only as if his corrupt party PPP is not part of the gov.
Click to expand...

Why should pmln be blamed for this? Does pakistan produce oil that they should be selling below market price? Atleast make some sense before posting about me
 
The prices of petroleum products were kept unchanged on Tuesday on the directives of Prime Minister Shehbaz Sharif, according to a press release from the Finance Division.

It said the measure was taken with the "view to provide maximum relief to the consumers" despite the loss in revenue due to globally rising petroleum prices.

The press release said the prices with effects from June 1 (tomorrow) would continue to be those notified on May 27.

Last week, the federal government decided to raise the prices of petroleum products by Rs30 per litre.

After the hike, the price of petrol was set at Rs179.86, diesel at Rs174.15, kerosene oil at Rs155.56 and light diesel at Rs148.31.

The finance minister made the announcement at a press conference in Islamabad and explained that the decision was taken in order to ensure the revival of the International Monetary Fund (IMF) programme.

Ismail said the government had no other option but to raise the prices, adding that "we are still bearing a loss of Rs56 per litre on diesel" even under the new pricing.

He was of the view that the government was aware of the political repercussions of the decision, saying "we will face criticism but the state and its interests are important to us and it is necessary for us to save it."

He said the country could have gone in the "wrong direction" if the steps were not taken. He said the decision was a tough one for Prime Minister Shehbaz Sharif, saying "we cannot let the state sink for the sake of politics."

https://www.dawn.com/news/1692445/p...prioritises-relief-for-consumers-over-revenue
 
MenInG said:
The prices of petroleum products were kept unchanged on Tuesday on the directives of Prime Minister Shehbaz Sharif, according to a press release from the Finance Division.

It said the measure was taken with the "view to provide maximum relief to the consumers" despite the loss in revenue due to globally rising petroleum prices.

The press release said the prices with effects from June 1 (tomorrow) would continue to be those notified on May 27.

Last week, the federal government decided to raise the prices of petroleum products by Rs30 per litre.

After the hike, the price of petrol was set at Rs179.86, diesel at Rs174.15, kerosene oil at Rs155.56 and light diesel at Rs148.31.

The finance minister made the announcement at a press conference in Islamabad and explained that the decision was taken in order to ensure the revival of the International Monetary Fund (IMF) programme.

Ismail said the government had no other option but to raise the prices, adding that "we are still bearing a loss of Rs56 per litre on diesel" even under the new pricing.

He was of the view that the government was aware of the political repercussions of the decision, saying "we will face criticism but the state and its interests are important to us and it is necessary for us to save it."

He said the country could have gone in the "wrong direction" if the steps were not taken. He said the decision was a tough one for Prime Minister Shehbaz Sharif, saying "we cannot let the state sink for the sake of politics."

https://www.dawn.com/news/1692445/p...prioritises-relief-for-consumers-over-revenue
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When does he get back from yet another holiday.
 
Finance Minister Ishaq Dar has announced that the prices of petrol and diesel will remain unchanged for the next 15 days, ARY News reported on Friday.

The federal government decided to maintain the petroleum products prices for the next 15 days.

ARY
 
PETROL SOARS TO RS282 PER LITRE AS GOVT HIKES FUEL PRICES

The federal government on Saturday night increased the prices of petrol by Rs10 per litre for the next 15 days, Finance Minister Ishaq Dar announced.

In a televised address, the finance minister said that the rationale behind a hike in the price of petroleum products was the “increase in petroleum prices in the international market and exchange rate variation”.

As a result, price of petrol has been increased to Rs282 per litre, while high-speed diesel (HSD) and light diesel oil rates will remain stable at Rs293 per litre and Rs174.68 per litre, respectively.

Meanwhile, the government increased the price of kerosene oil by Rs5.78 per litre, moving it from Rs180.28 per litre to Rs186.07 per litre.

ARY
 
Govt goes ahead with petrol subsidy scheme
Contrary to assurances given to IMF, summary moved for approve from ECC

Contrary to the assurance given to the International Monetary Fund (IMF) of shelving the petrol subsidy scheme, the government has moved a summary for a relief package for motorcyclists and small vehicle owners.

In February, Prime Minister Shehbaz Sharif gave go ahead to petrol subsidy to motorcyclists and car owners of up to 800 cc vehicle by charging Rs50 per litre higher price from lower middle income to rich class owning vehicles of above 800 cc.

According to Energy Ministry sources, the Petroleum Division has circulated the summary for approval of the Economic Coordination Committee (ECC) of the Cabinet. The summary has been moved after Shehbaz finalised the “concept” of the proposal.

The summary shows that the government has planned to collect up to Rs75 per litre additional amount from consumers, who are already struggling to pay a record-high price of Rs282 per litre.

The scheme has been criticised by many who say that the government is throwing its social responsibility onto the shoulders of people, who are already crushed by the 50-year high inflation of over 35% and an all-time high food inflation of 46%.

...
https://tribune.com.pk/story/2412739/govt-goes-ahead-with-petrol-subsidy-scheme
 
daytrader said:
Govt goes ahead with petrol subsidy scheme
Contrary to assurances given to IMF, summary moved for approve from ECC

Contrary to the assurance given to the International Monetary Fund (IMF) of shelving the petrol subsidy scheme, the government has moved a summary for a relief package for motorcyclists and small vehicle owners.

In February, Prime Minister Shehbaz Sharif gave go ahead to petrol subsidy to motorcyclists and car owners of up to 800 cc vehicle by charging Rs50 per litre higher price from lower middle income to rich class owning vehicles of above 800 cc.

According to Energy Ministry sources, the Petroleum Division has circulated the summary for approval of the Economic Coordination Committee (ECC) of the Cabinet. The summary has been moved after Shehbaz finalised the “concept” of the proposal.

The summary shows that the government has planned to collect up to Rs75 per litre additional amount from consumers, who are already struggling to pay a record-high price of Rs282 per litre.

The scheme has been criticised by many who say that the government is throwing its social responsibility onto the shoulders of people, who are already crushed by the 50-year high inflation of over 35% and an all-time high food inflation of 46%.

...
https://tribune.com.pk/story/2412739/govt-goes-ahead-with-petrol-subsidy-scheme
Click to expand...

So now folks will fill their Motorcyle tanks to sell the petrol to larger vehicle owners?
Or if you have a big car n you or your servant has a motorcycle then it will be used to fill the tank of the bigger car?
 
Finance Minister Ishaq Dar on Sunday announced that the price of petrol would remain unchanged at Rs282 per litre for the next fortnight while the price of high-speed diesel was reduced by Rs5 per litre to Rs288.

In a video address today, the finance minister announced that the prices of light-diesel oil and kerosene were being reduced by Rs10 to Rs164.68 and 176.07 per litre, respectively.
 
Despite the reduction in fuel prices, the transporters in Rawalpindi are continuing to charge higher fares, ARY News reported on Sunday.

The Rawalpindi district administration and the transport authority have failed to control the inflated fares in the area.

As per details, the fare from Rawalpindi to Lahore is between Rs2,700 to 3,000. For Rawalpindi to Karachi, fare between Rs 6,700 to 7,000 is being charged.

The fare from Rawalpindi to Multan is between Rs2,900 to 3,000. The masses have said the transporters used to jack up fares soon after the increase in fuel prices but now when the fuel prices have been lowered, they are unwilling to slash their fare rates.

They have demanded that the authorities take action on the matter.

On Saturday night, petrol price came down by Rs 8 per liter in Pakistan after a two-month hike and set at Rs 323.38 per liter.

According to a notification issued by the Ministry of Finance, the rate of petrol was reduced to Rs 323.38 per liter with a decline of Rs 8 per liter.

Meanwhile, the price of high-speed diesel (HSD) dropped by Rs11 per liter to Rs318.18 whereas Kerosene oil prices reduced by Rs 7.53 per liter to Rs 237.28.

Source: ARY
 
Petrol prices dropped by Rs 40/ litre
ISLAMABAD: The price of petrol has been dropped by a massive Rs 40 per litre in Pakistan, ARY News reported.

According to notification issued by Oil and Gas Regulatory Authority, the rate of petrol has reached Rs 283.38 per litre with a reduction of Rs 40 per litre.

Whereas, the price of high-speed diesel (HSD) has been reduced by Rs 15 per litre to Rs 303.18. Meanwhile, the Kerosene oil prices dropped by Rs 22.43 per litre to Rs 214.85.

On October 1, Petrol price came down by Rs 8 per litre in Pakistan after a two-month hike and set at Rs 323.38 per litre.

According to details, the rate of petrol was reduced to Rs 323.38 per litre with a decline of Rs 8 per litre.

Meanwhile, the price of high-speed diesel (HSD) dropped by Rs11 per litre to Rs318.18 whereas Kerosene oil prices reduced by Rs 7.53 per litre to Rs 237.28.

It is pertinent to mention here that on Sept 15, the government made a massive hike in petrol and diesel prices after making tall claims of providing relief to the masses.

ARY
 
Petrol, diesel prices may drop again as rupee strengthens

ISLAMABAD: Petroleum prices are expected to drop for the third consecutive fortnight with a reduction of Rs5-18 per litre for diesel and petrol, respectively, later this week, mainly due to exchange rate gains.

Official sources told Dawn that the price of High-Speed Diesel (HSD) is likely to decrease by about Rs5-6 per litre, falling to less than Rs300 per litre, unless the caretaker government further increases the petroleum levy. On the other hand, petrol would be cheaper by about Rs18 per litre.

This is mainly due to the rupee’s gain of about Rs3 against the dollar over the last fortnight, while the average price of diesel has dropped by about $1.3 per barrel and that of petrol has increased by about $3.5 per barrel.

The sources said the price drop offered an opportunity to the government to raise the petroleum levy (PL) on HSD to the maximum permissible limit of Rs60 per litre from Rs55 at present, although the revenue collections had been better than the targets so far.

Rs18 per litre cut on petrol expected, diesel may fall below Rs300 per litre

The PL on petrol is already at Rs60 per litre peak. The government has to charge about Rs869bn in PL on petroleum products during the current fiscal year under the budget target and commitments made with the International Monetary Fund (IMF).

The total PL collection had already crossed Rs222bn in the first quarter ending Sept 30, 2023 even though its per-litre rates had increased slowly over the period on petrol and kept almost unchanged at Rs50 per litre throughout the first quarter of the fiscal year.

Petroleum and electricity prices have been the key drivers of rising inflation rate, recorded at 31.4pc in Sept as measured by Consumer Price Index, and are expected to be reinforced by a massive hike in gas rates approved by the government last week.

Informed sources told Dawn that, based on existing tax rates and other overheads, the petrol price could decrease by Rs17-18 per litre as rupee value had improved from Rs282 to Rs279 against the dollar during the fortnight, although its price in the Middle East has increased from $88 per barrel to $91 that had been partly offset by a reduction in premiums paid by Pakistan State Oil (PSO) to secure import cargos. That would bring down the petrol rates to less than Rs270 per litre.

The calculation is based on actual costs in the first 12 days of the current fortnight and estimates for the rest.

On the other hand, HSD price could decrease by about Rs5-6 per litre if the government decides to maintain the PL at Rs55 per litre. However, given the price drop, the Ministry of Finance may tend to increasing the PL by Rs5 per litre. In that case, the HSD price could be kept unchanged. Unlike petrol, the HSD price in the international market has dropped by about a dollar per barrel to $113 from $114 in last two weeks.

Therefore, if the government decides to maintain the PL rate, the estimated HSD price would be around Rs296-98.

This will be third time in a row that the caretaker government would be reducing petroleum prices after three consecutive increases. Between Aug 15 and Sept 15, the petrol and high speed diesel prices had increased by Rs58.43 and Rs55.83 per litre, respectively, to a historic Rs331-333 per litre at retail stage until Sept 30.

The rates for petrol and diesel were then reduced by Rs52 and Rs26 per litre, respectively, in two cuts with effect from Oct 1 and 16.

Currently, the government charges about Rs80 per litre in tax on petrol and Rs77 per litre on HSD. While the general sales tax (GST) is zero on all petroleum products, the government imposes a Rs60 per litre petroleum development levy (PDL) on petrol and Rs55 per litre on HSD.

Additionally, it charges Rs50 per litre for high octane blending component and 95RON petrol. The government also imposes custom duties of about Rs19-21 per litre on petrol and HSD. Petrol and HSD are the major revenue generators, with monthly sales of about 700,000-800,000 tonnes compared to just 10,000 tonnes of monthly demand for kerosene.

DAWN​
 
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ISLAMABAD: The caretaker federal government has notified a massive hike in gas prices which would be taken into effect on November 1, ARY News reported on Monday.

The Petroleum Division issued a notification regarding the massive hike in gas prices for domestic, export, non-export units, CNG, cement and other sectors.

However, the gas prices were not hiked for protected consumers using 25 to 90 cubic metres in a month, however, the fixed charges for this category of consumers were increased from Rs10 to Rs400.

The notification stated that the gas prices for non-protected domestic consumers were hiked by over 172%.

...
arynews.tv

Petroleum Division notifies massive hike in gas prices

ISLAMABAD: The caretaker federal government has notified a massive hike in gas prices which would be taken into effect on November 1, ARY News reported on
arynews.tv arynews.tv
 
Prime Minister Anwaarul Haq Kakar-led caretaker government on Tuesday announced that the prices of petrol and high-speed diesel (HSD) would remain unchanged at Rs283.38 and Rs303.18 per litre respectively for the next fortnight.

The Finance Division in an issued notification stated that "The government of Pakistan has decided to maintain the current prices of petrol and diesel during the next fortnight."

It further said that the prices of Light Diesel Oil (LDO) and kerosene oil were slashed by Rs3.40 and Rs3.82 per litre respectively.

The notification further stated that the new prices will come into effect from 12am (tonight, November 1) and remain in place till November 15.


Samaa TV
 

Petroleum prices likely to drop for next fortnight​


The prices of petrol and high-speed diesel (HSD) are likely to drop by Rs8 to Rs10 per litre each on Nov 15 for the next fortnight, mainly due to lower prices in the global market.

Petrol, commonly used in private transport, small vehicles, rickshaws, and two-wheelers, directly impacts the budgets of the middle and lower-middle class.

Conversely, HSD price is considered highly inflationary, given its predominant use in heavy transport vehicles, trains, and agricultural engines such as trucks, buses, tractors, tubewells, and threshers. It notably contributes to the prices of vegetables and other eatables.

On Oct 31, the government had kept the petrol and HSD prices unchanged.

Sources said the global prices of both HSD and petrol had declined over the past two weeks. Nevertheless, the rupee lost value against the dollar during the same period, reducing the benefit of lower international prices for consumers.

For price calculations, officials said HSD had become about $9 per barrel cheaper on average, down from about $113 to $104, during the week, while the price of petrol had dropped by a dollar from $91 to $90. The rupee, on the other hand, lost Rs6 in value against the dollar, declining from Rs280 to Rs286.

Source: Dunya News
 
It is good that petroleum prices are going but government should also make sure that the prices of other items come down as well. When we see an increase in petroleum prices, the rates of other things also go up but when the petroleum prices do down, we hardly see a difference in the price of other items.
 
Petrol price likely to be jacked up by Rs3 per litre

The expected adjustments in petroleum product prices during the second half of November present a dynamic scenario. Forecasts suggest a potential increase of Rs3.18 per litre in petrol prices, reaching Rs286.56 per litre from the current Rs283.38. Conversely, high-speed diesel (HSD) is likely to undergo a substantial cut, decreasing by Rs8.30 per litre to Rs294.88 from the existing Rs303.18.

This mixed trend extends to kerosene oil, projected to experience a reduction to Rs205.42 per litre from Rs211.03, reflecting a decrease of Rs5.61 per litre. Similarly, light diesel oil (LDO) is anticipated to witness a notable cut of Rs8.33 per litre, bringing its price down to Rs181.13 per litre from Rs189.46.

The determinants of these prices include current government taxes and adjustments based on the US dollar exchange rate. Notably, sources suggest the possibility of the government maintaining the petrol price due to outstanding forex adjustments, while they anticipate a substantial drop of Rs10 per litre in the HSD rate.


tribune.com.pk

Petrol price likely to be jacked up by Rs3 per litre | The Express Tribune

HSD expected to drop by Rs8.30 per litre in late November
tribune.com.pk tribune.com.pk
 
The federal caretaker government has reduced the prices of petroleum products on Wednesday, providing much-needed relief to the people who have borne the brunt of a challenging economic crisis since mid-2022.

According to a notification issued by the Finance Division, the price of petrol has been reduced by Rs2.04 whereas the tariff of high-speed diesel (HSD) has been slashed by Rs6.47.

It stated that the prices of petroleum products were reduced following a recommendation by the Oil and Gas Regulatory Authority (Ogra). After the reduction, the price of petrol has been reduced from Rs283.38 to Rs281.34.



tribune.com.pk

Govt reduces petrol price by Rs2.04, HSD by Rs6.47 per litre | The Express Tribune

Caretaker govt sets price of petrol at Rs281.34, HSD at Rs296.71 per litre
tribune.com.pk tribune.com.pk
 
Cricket Warrior said:
The federal caretaker government has reduced the prices of petroleum products on Wednesday, providing much-needed relief to the people who have borne the brunt of a challenging economic crisis since mid-2022.

According to a notification issued by the Finance Division, the price of petrol has been reduced by Rs2.04 whereas the tariff of high-speed diesel (HSD) has been slashed by Rs6.47.

It stated that the prices of petroleum products were reduced following a recommendation by the Oil and Gas Regulatory Authority (Ogra). After the reduction, the price of petrol has been reduced from Rs283.38 to Rs281.34.



tribune.com.pk

Govt reduces petrol price by Rs2.04, HSD by Rs6.47 per litre | The Express Tribune

Caretaker govt sets price of petrol at Rs281.34, HSD at Rs296.71 per litre
tribune.com.pk tribune.com.pk
Click to expand...
I dont think these prices are justifiied.

In the international market the price of oil has been decreasing on a daily basis for the last few weeks, so only that much relief is considered quite unacceptable.
 

Petrol prices to hold steady, diesel and kerosene to decline, industry estimates​


KARACHI: Petroleum prices are expected to remain largely unchanged in the next fortnightly review, while diesel and kerosene prices are likely to decline, according to the oil industry’s calculations on Wednesday.

The ex-refinery and ex-depot prices of petroleum products did not register any major fluctuation as global crude prices eased in recent days, industry officials said.

The ex-depot price of petrol, the most widely used fuel in the country, is slightly higher by Rs0.19 per litre to Rs281.53 per litre compared to the current price of Rs281.34 , they said.

The ex-depot price of high speed diesel (HSD), used mainly for transport, has been worked out at Rs290.47 per liter for the next fortnight compared to the existing price of Rs296.71 , showing a decline of Rs6.24 rupees per liter.

The ex-depot price of kerosene, used for cooking and lighting in rural areas, has been worked out at Rs202.16 per liter compared to the current price of Rs204.98 , indicating a decrease of Rs2.82 per liter.

The ex-depot price of light speed diesel, another variant of diesel, has been worked out at Rs176.18 per liter for the next review against the present price of Rs180.45 , registering a decline of Rs4.27 per liter, industry officials said.

According to the industry’s working, the estimated exchange adjustment of petrol is zero whereas it is Rs1.80 per liter for HSD.

However, the industry officials said that the prices of petroleum products can change with the exchange loss as the industry did not put the exchange loss figure in its working for the next review.

The country fixes fuel prices on a fortnightly basis after evaluating fluctuating international energy market costs and the rupee-dollar parity to transfer the impact on domestic consumers.

They said global oil prices remained under pressure during November, falling below $75 a barrel in mid-November.

WTI was trading at $76.5 a barrel on November 29, down by nearly 7 percent as compared to October 29. Brent was down by 5.4 percent in the past month, trading at $86.35 a barrel, they added.

Source: THENEWS
 
Petrol price in Pakistan remains unchanged for next fortnight

The interim federal government has decided to keep the petrol price unchanged for the next 15 days — till December 15 — at Rs281.34 per litre.

However, the high-speed diesel (HSD) has been slashed by Rs7 per litre while kerosene oil reduced by Rs3.82 per litre.

The light diesel oil has also been cut by Rs4.52.


1701369719962.png


www.thenews.com.pk

Petrol price in Pakistan remains unchanged for next fortnight

New fuel prices will be effective from Thursday midnight, according to finance ministry
www.thenews.com.pk www.thenews.com.pk
 
Pakistan witnesses 16% decrease in petroleum product sales

Pakistan witnessed a significant 16% decline in the sale of petroleum products in the initial five months of the financial year compared to the same period last year, as reported by the Oil Companies Advisory Council (OCAC) and Topline Securities.

Data reveals a notable decrease in petroleum product sales, totaling 5.41 million metric tonnes between July and November 2023. This stands in stark contrast to the 6.40 million metric tonnes sold during the corresponding period in the previous fiscal year.

Breaking down the figures further, November 2023 witnessed the sale of 1.37 million metric tonnes, marking an 11% decrease compared to November 2022, which recorded sales of 1.54 million metric tonnes.

The statistics outline the distribution of petroleum products in the first five months of the ongoing financial year, including 4.820 million tonnes of furnace oil, 26.460 million tonnes of high-speed diesel, 29.970 million tonnes of petrol, and 3.240 million tonnes of other petroleum products.

The context behind this decline is multifaceted, with previous fluctuations in petroleum prices serving as a pivotal factor. Notably, Pakistan experienced historic petroleum price surges during the previous fiscal year, witnessing petrol prices soaring to Rs 300 for the first time in the nation's history.



www.samaa.tv

Fuel Sales Slump: Pakistan Sees 16% Drop in Petroleum Consumption

Pakistan's petroleum product sales plunge 16% in first 5 months of FY24 compared to last year. Data shows declines across all products, with high-speed diesel and petrol taking the biggest hit. Price hikes and economic slowdown cited as key factors
www.samaa.tv www.samaa.tv
 
Petrol price could see significant decrease: sources

As oil prices continue to fall in the international market, prices of petrol and diesl could see a major decrease in Pakistan soon, sources said.

The price of petrol, which currently sits at Rs281.34, could be decreased by up to Rs13.

Similarly the price of diesel could also be slashed by up to Rs15. The price is currently fixed at Rs289.79.

THe per barrel price of both petrol and diesel have fallen by over $5 in the international market in recent days.

Petrol prices are announced every fortnight in Pakistan, with the next announcement due on December 15.

The vale of the rupee against the dollar as well as international prices of oil are both major contributors to the price of petrol and diesel in Pakistan.



Relief for masses as govt slashes petrol price by Rs40 per litre

Already gone to the IMF for a loan. Mamoon, 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. I wonder how much of that $70 BILLION was spent on the improvement of Pakistan? Perhaps not even 10...
ppforum.pakpassion.net ppforum.pakpassion.net
 
Petroleum prices likely to be slashed by over Rs10

The prices of major petroleum products — petrol and high-speed diesel (HSD) — are set to fall by over Rs10 per litre each on Dec 15 for the next fortnight mainly because of a decline in the international market.

Informed officials said the international prices of both HSD and petrol had declined over the past fortnight by almost 5pc while the rupee had also gained marginally against the US dollar, resulting in a reasonable drop in domestic prices to the consumers.

For price calculations, the officials said the HSD had become cheaper by about $4 per barrel on average — from about $99.50 to $95.50 — during the week while the price of petrol had come down to $81.7 from $86.5.

The rupee on the other hand also gained against the dollar to Rs284 from 285.5 on the first of Dec 1. The benchmark Brent oil during the period had dropped from $79 per barrel to $73.

Therefore, the HSD price is estimated to be cheaper by at least Rs12 per litre and that of petrol by a minimum Rs10 per litre. Kerosene and light diesel oil are also expected to fall by Rs7 and Rs13, respectively.

The government has already achieved Rs60 per litre petroleum levy — the maximum permissible limit under the law.

It has set a budget target to collect Rs869bn as petroleum levy during FY24 made with the IMF but is now hoping the collection to go beyond Rs950bn by end-June.




www.dawn.com

Petroleum prices likely to be slashed by over Rs10

HSD price estimated to be cheaper by at least Rs12 per litre and petrol by a minimum Rs10 per litre.
www.dawn.com
 
Govt slashes petrol by Rs14, high-speed diesel by Rs13.5

The caretaker government on Friday slashed the price of petrol by Rs14 per litre and that of high-speed diesel (HSD) by Rs13.5 per litre for the next fortnight.

According to a notification from the Ministry of Finance, the new price of petrol is Rs267.34 and Rs276.21 for HSD.

Meanwhile, the prices of kerosene oil and light-diesel oil were reduced by Rs10.14 and Rs11.29 per litre, respectively, to Rs191.02 and Rs164.64.



www.dawn.com

Govt slashes petrol by Rs14, high-speed diesel by Rs13.5

Kerosene oil price reduced by Rs10.14 per litre and light-diesel oil by Rs11.29.
www.dawn.com
 
Petrol and diesel prices in Pakistan likely to see drop from Jan 1

In a welcome development for the citizens of Pakistan, the interim government is poised to bring some respite from escalating living costs as it contemplates a reduction in petrol prices from the commencement of the new year.

Sources privy to the development said that the expected drop in petrol prices could reach Rs1.72 per litre in the first half of January 2024.

This move comes in response to the recent fluctuations in international oil prices, marking the third consecutive reduction in recent months.

While petrol consumers are likely to enjoy this relief, diesel prices are expected to witness a moderate increase ranging from Rs1 to Rs1.30 per litre, according to insiders privy to the decision-making process.



Source: Samaa News
 
In a positive turn of events, consumers in Pakistan may soon witness a decline in petroleum product prices as global dynamics align favorably.

Reports suggested that the plummeting prices of crude oil in the international market, coupled with the continuous devaluation of the dollar in the interbank market, may lead to a notable reduction in fuel costs starting January 16.

Economic analysts predict that if both the US dollar and crude oil prices remain stable or continue to decrease until January 15, consumers in Pakistan can expect a reduction of 4 to 5 rupees per liter in petroleum product prices from January 16.

However, this potential relief may face challenges if unforeseen circumstances arise in the international market.

The final decision on these anticipated price changes rests with the Ministry of Finance, with the approval of Prime Minister Anwarul Haq Kakar and the Oil and Gas Regulatory Authority (OGRA).

A comprehensive summary will be presented to the authorities on January 15, paving the way for a decision that could bring relief to consumers grappling with rising fuel costs.



Source: Samaa News
 
Petroleum prices likely to go down

ISLAMABAD: The interim government is likely to announce a modest reduction in ex-depot prices of all petroleum products, potentially lowering them by up to Rs5.50 per litre effective Jan 16, as per the current tax rates.

According to an estimate, petrol prices could witness a significant drop of Rs5.50 per litre in the second half of Jan 2024.

However, expectations are that the rate of high-speed diesel (HSD) will remain unchanged.

Kerosene oil is anticipated to experience a decrease of Rs3 per litre, while the price of light diesel oil (LDO) may see a slight reduction of Rs1.50 per litre.

The Oil and Gas Regulatory Authority (OGRA) will present its fortnightly review to the Petroleum Division, with the final decision contingent on factors such as oil consumption, the prevailing petroleum levy (PL), general sales tax (GST), premium, exchange rates, and global oil prices.

According to an estimate, the price of petrol may come down from Rs267.34 to Rs261.84 per litre. The price of HSD might be kept unchanged by adjusting exchange rate at Rs1.50 and premium of $5.30 per barrel.

The price of kerosene oil is likely to be reduced from Rs188.83 to Rs185.83 per litre and that of LDO from Rs165.75 to Rs164.25 per litre.

Recent developments in global oil prices indicate a $1.5 decrease in the price of Brent Oil per barrel, dropping from $84.50 to $83 per barrel since Jan 1, 2024.

In addition, the HSD rate exhibits a decline of around $1 per barrel, reducing from $97 to $95.80.

Further, the Pakistani rupee has strengthened against the US dollar by Rs3.
​
tribune.com.pk

Petroleum prices likely to go down | The Express Tribune

Petrol rate may witness a drop of Rs5.50 per litre
tribune.com.pk tribune.com.pk
 
It's difficult to understand why Pakistanis complain so much about the price of petrol. From what I see, the only countries that have cheaper petrol are actually oil producing countries. In India, for example, petrol ranges between 350 and 370 PKR depending on state and local taxes and we're at just about the global average.

Petrol is imported, expensive, polluting and used disproportionately by the well-to-do. It needs to be taxed heavily.
 
Pakistan's economy is so deleted and inflation is so high that people can't afford these rates of petroleum products as well. There are many things involved here like Levy etc.
 
Honestly I was being a bit disingenuous and I do get why it feels expensive but at least on forums like these, people should accept that these prices are the reality. They are what a country that doesn't have it's own oil needs to be paying in order to afford petrol.
 
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