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

The caretaker government on Monday announced a reduction of Rs8 per litre in the price of petrol while keeping high-speed diesel’s (HSD) rate unchanged.

The new price of petrol will be Rs259.34, while HSD stays at Rs276.21 per litre. The change goes into effect on January 16, 2024.


Source: Brecorder
 
In the lead-up to the general elections scheduled for February 8, Pakistan is bracing itself for a potential surge in petrol and diesel prices.

Sources privy to the development said the Prime Minister Anwaarul Haq Kakar-led caretaker government after a series of consecutive reductions in petroleum prices, is considering a substantial increase of Rs 7 per litre.

Should the decision materialise, it would mark the first uptick in petrol and diesel prices since November 1, 2023. Experts closely monitoring petroleum markets suggested that this time, the circumstances are unique, attributing the possible price hike to recent geopolitical events.

The attacks on ships in the Red Sea by Houthi rebels in the Middle East have led to a notable increase in global oil prices.


Source: Samaa TV
 
In a potential blow to consumers, the interim government is considering raising petrol prices by Rs8 to Rs11 per litre, effective from February 1, 2024, depending on the exchange rate adjustments.

High-Speed Diesel (HSD) prices are also anticipated to increase by Rs2 to Rs7 per litre during the upcoming fortnight, beginning January 1, driven by expected exchange rate adjustments.

Based on projected exchange adjustments of Rs2.75 per litre for petrol and Rs4.50 per litre for HSD, the potential increase would be Rs8 per litre for petrol and Rs2 per litre for HSD.

tribune.com.pk

Govt likely to increase fuel price | The Express Tribune

Considering raising petrol prices by Rs8-11 per litre, effective from Feb 1
tribune.com.pk tribune.com.pk
 
The caretaker government announced an increase in the prices of petrol and diesel on Wednesday, taking their rates to Rs272.89 and Rs278.96 per litre, respectively.

The price of petrol has been increased by Rs13.55 per litre, and high-speed diesel (HSD) by Rs2.75 per litre.
 
After jacking up the price of petrol by Rs13.55 per litre to Rs272.89 from Feb 1, the caretaker government appears all set to increase the rate of high speed diesel (HSD) by Rs8 per litre with effect from Feb 16.

The price of petrol might also witness a marginal increase of 80 paisas per litre.

According to calculation, the price of HSD will be increased due to fluctuation in the global oil prices.

The price of diesel might go up from existing Rs278.96 per litre to Rs286.97 per litre in case the caretaker government increases its price, depending on the premium and exchange rate adjustments.

HSD is widely used in transport and agriculture sectors. Therefore, possible increase in its price will have substantial inflationary impact on the masses.


tribune.com.pk

Diesel price may see Rs8 per litre increase | The Express Tribune

Petrol rate likely to witness marginal rise of 80 paisas per litre
tribune.com.pk tribune.com.pk
 
Things are already not going well for the poor people and now another hike in petroleum products. This country is going nowhere..

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Govt hikes petrol price by Rs2.73 per litre

The caretaker government on Thursday night hiked the price of petrol by Rs2.73 per litre for the next fortnight.

The new price of petrol is now RsRs275.62 per litre from the previous price of Rs272.89, according to a notification from the Finance Division.

The price of high-speed diesel (HSD) was increased by Rs8.37 to Rs287.33 per litre.

In a late-night announcement, the Ministry of Finance said the government has decided to bring changes in the current prices of petroleum products during the fortnight starting from February 16, as recommended by the Oil and Gas Regulatory Authority (Ogra).

The notification did not mention any changes in the prices of kerosene oil and light diesel oil.

The prices of petrol and HSD were estimated to go up by Rs4-11 per litre for the next fortnight owing to higher international prices and import premiums, neutralising an impact of minor exchange rate gain.

Officials said the price of petrol had gone up by about $1.20 per barrel to $89.9 from $88.7 per barrel over the last two weeks while HSD had become costlier by about $3.5 per barrel — to $101.82 from about $98.4.

Meanwhile, the rupee on the other hand gained by about 40 paise against the dollar to Rs279.7 from a little over Rs280 in the first half of February. However, the premium paid by Pakistan State Oil for securing product cargoes went up slightly for petrol from $9.5 to $9.7 per barrel. It remained unchanged for HSD at $6.5 per barrel.

The government has already achieved Rs60 per litre petroleum levy — the maximum permissible limit under the law — on both petrol and HSD. The government had set a budget target to collect Rs869bn as petroleum levy on petroleum products during the current fiscal year under the commitments made with the International Monetary Fund (IMF). It has already collected about Rs475bn in the first half (July-December) although the per litre levy was gradually increased.

Currently, the government is charging about Rs82 per litre tax on both petrol and HSD. Although the general sales tax (GST) is zero on all petroleum products the government is charging Rs60 per litre PDL on both products. On the other hand, it is charging Rs50 per litre on high octane blending components and 95RON petrol.

Petrol and HSD are the major revenue spinners with their monthly sales of about 700,000-800,000 tonnes per month compared to just 10,000 tonnes of kerosene.

SOURCE: DAWN
 

Petrol prices likely go up from March 1​

The Oil and Gas Regulatory Authority (OGRA) has submitted a working paper to the government, proposing an increase in the prices of petroleum products. This comes amidst concerns about rising global oil prices and potential revenue shortfalls.

According to sources, regulatory authority has suggested a hike of Rs 3.44 per liter for petrol. This would translate to an increase in the ex-refinery price from Rs 192.17 per liter to Rs 195.61 per liter.

The proposal also includes a potential increase of Rs 1 per liter for diesel, raising the ex-refinery price from Rs 206.75 per liter to Rs 207.75 per liter.

Kerosene prices might also go up by Rs 1 per liter as well, with the ex-refinery price potentially going up from Rs 177.70 per liter to Rs 178.52 per liter.

However, the OGRA has proposed a decrease in the price of light diesel oil (LDO) by an unspecified amount.

It is important to note that these are merely suggestions, and the final decision regarding price adjustments rests with the Ministry of Finance. The ministry will consider various factors, including global market trends, revenue requirements, and potential impacts on consumers, before making a final decision.

Source: SAMMA
 
Some really tough times are coming ahead for the common people of Pakistan with all these price increases in various items/utilities etc.
 
The caretaker government on Thursday increased the prices of petrol by over Rs4 per litre, effective from March 1, 2024. However, it maintained the price of high-speed diesel (HSD), light diesel oil (LDO) and kerosene oil.

According to a notification issued by the finance ministry, the price of petrol was increased as per the recommendation of the Oil & Gas Regulatory Authority (Ogra).

After the hike, the price of petrol reached Rs279.75 while HSD is available at Rs287.33.


Tribune
 
Oil prices may be left unchanged in Ramazan

The federal government may decide to keep ex-depot prices of petroleum products unchanged for the upcoming fortnight from March 16 to 31, apparently to provide some relief during Ramazan as people were already reeling from the persistently high inflation.

The movement in petroleum product prices has shown a mixed trend where the price of petrol has increased whereas rates of other products have gone down.

Estimates of oil marketing companies, based on current tax rates, reveal slight changes in prices of all four petroleum products due to a high premium on petrol and insignificant increase in fuel prices globally.

Crude benchmark Brent has hovered around $81 per barrel in the international market since March 1, 2024.

In addition to taxes, inland freight equalisation margin (IFEM) is imposed on petrol at the rate of Rs7.01 per litre and on high-speed diesel at Rs3.76 per litre.

Estimates suggest that the price of petrol may go up by Rs1.07 per litre due to a higher premium of $12.15 per barrel compared to the premium of $10.48 per barrel in the current fortnight, up $1.67.

If the government approves the increase in petrol price, it will rise from Rs279.75 to Rs280.82 per litre.

However, prices of other petroleum products may come down. The price of high-speed diesel is estimated to edge down 82 paisa from Rs287.33 to Rs286.51 per litre.

The premium on diesel is $6.50 per barrel, unchanged from the current fortnight.

The price of kerosene oil is expected to decrease 94 paisa from Rs190.01 to Rs189.07 per litre while the rate of light diesel oil is estimated to fall Rs1.56 from Rs170.27 to Rs168.71 per litre.

In the previous rate revision, the government had increased the price of petrol by Rs4.13 per litre with effect from March 1. At that time, the inter-bank rupee-dollar parity was at Rs279, which stands still unchanged.

High-speed diesel is widely used in transport and agriculture sectors. Any revision in its price leaves an inflationary impact on the lives of common citizens.

Petrol is mainly used in motorbikes and passenger cars and it is also an alternative to the compressed natural gas (CNG) which is consumed by many car owners.

Owing to the scarcity of locally produced gas, the transport sector in Punjab primarily uses petrol and imported liquefied natural gas (LNG).

Kerosene oil is used for cooking purposes in far-off areas of the country, especially its northern parts where liquefied petroleum gas (LPG) is not readily available. Pakistan Army is also a major consumer of kerosene oil.

SOURCE: EXPRESS TRIBUNE
 
The federal government is gearing up to announce revised petrol and diesel prices for the second half of March 2024, with expectations of a notable reduction.

Reports suggest that the government is poised to decrease the price of petrol by Rs5, bringing it down to Rs274.61 per litre, while diesel may see a reduction of Rs4.81, settling at Rs283.12 per litre. These new prices are anticipated to come into effect from March 16, 2024.


Samaa TV
 
In a move to provide some relief to people during Ramazan from the persistently high inflation, the federal government on Friday reduced the price of high-speed diesel (HSD) by Rs1.77 per litre while maintaining the tariffs of petrol, according to a statement issued by the Finance Division.

According to the statement, the HSD would now be available at Rs285.56 per litre. The price of petrol has been kept at Rs279.75 per litre. The prices would be effective from midnight today.


Tribune
 
The International Monetary Fund (IMF) has demanded Pakistan to implement 18 percent General Sales Tax (GST) on Petrol, ARY News reported.

As per details, the Monetary Fund has asked Pakistan to end sales tax relaxation on all items including petrol.

The newly elected government of Pakistan should also implement sales tax on petroleum products along with a Rs 60 levy to increase the tax income.


ARY News
 
Petrol Price in Pakistan likely to Go Up for THIS reason

After the International Monetary Fund (IMF) proposed a carbon tax, the price of petrol is likely to go up by Rs 20 to 30 per litre, while, the further raise in the general sales tax could take petrol prices up to Rs 300 per litre, ARY News reported on Friday.

The host of ARY News program, Meher Bukhari, emphasized that one hand, the Pakistan Stock Exchange (PSX) is experiencing record highs due to rapid negotiations with the IMF, fastest privatization of PIA and improvements in banking investment and improvement of affairs with the IMF.

During the ARY News program, Khabar, it was discussed that the IMF has also said that for the country’s needs, new power plants should be operated first and complete production capacity should be created because it can reduce capital charges by 18 percent.

At present, due to not buying complete electricity from new power plants, an annual burden of Rs 2,000 billion comes directly on the public.

The IMF has advised the federal government to impose carbon tax on petroleum products instead of increasing general sales tax by 18 percent in the next budget. If this is done, not only the demand for civilian oil will decrease, but also the burden from provincial share in taxes will decrease.

According to the report of Mehtab Haider, the government has decided to take the option of imposing 20 to 30 percent carbon tax in the next budget. At present, Rs 60 per liter is charged in petroleum development levy, if this proposal is approved, Rs 20 to 30 carbon levy will be imposed per liter.

Referring to the conditions of the IMF, Shoaib Nazami stated that the real problem is the lack of funds with the government and if the general sales tax is imposed, it becomes part of the FBR and if the government imposes the Petroleum Development Levy, then it does not become part of the FBR and all the money goes to the federal government.

Shoaib Nazami said that at present, levy of Rs 60 per liter is being collected on petrol and diesel, which the federal government is collecting. Now the proposal for carbon tax has also come to light, if 18 percent sales tax is imposed on petrol, then 57.5 percent will be given to the provinces.

The representative of ARY News said that the proposal to impose carbon tax has been made to increase federal revenue and if carbon tax is levied, all funds will be given to the federal government and the federal government can reduce its losses to some extent.

arynews.tv

Petrol Price in Pakistan likely to Go Up for THIS reason

KARACHI: After the International Monetary Fund (IMF) proposed a carbon tax, the price of petrol is likely to go up by Rs 20 to 30 per litre, while, the
arynews.tv arynews.tv
 
Corrupt politicians have engaged in corruption, taken loans, and it's the poor who will suffer from inflation.
 
According to unofficial reports, the petrol price is expected to increase by Rs9.50, reaching around Rs289 for the first half of next month.


Bol News
 
Cricket Warrior said:
According to unofficial reports, the petrol price is expected to increase by Rs9.50, reaching around Rs289 for the first half of next month.


Bol News
Click to expand...
Pakistan To Hike Petrol Prices Again. This Is What It Will Cost Now

Pakistan could face a fresh burden of inflated petrol rates in the upcoming fortnightly review of petroleum prices, Geo News reported on Saturday.

According to industry officials, the price of petrol is poised to inflate by nearly 10 Pakistani Rupee (PKR) per litre due to a surge in international crude prices.

The petrol price is likely to jack up to PKR 289.69 per litre in the next fortnightly review from the current PKR 279.75 per litre, as per the estimates of the oil industry.

Meanwhile, the price of high-speed diesel (HSD) is estimated to decrease by PKR 1.30 per litre to PKR 284.26 from the current price of PKR 285.86 per litre, Geo News reported.

The price of kerosene is expected to register a minor decline of PKR 0.17 per litre to PKR 188.49 per litre from the existing PKR 188.66 per litre. Similarly, the price of light diesel oil (LDO) is likely to increase by PKR 0.45 per litre to PKR 168.63 from the existing PKR 168.18 per litre.

"The local price of petrol will be raised due to a hike in prices in the international market," said an official. "The international price of petrol jumped to $95 per barrel in the last two weeks compared to $90 per barrel in the first fortnight of March."

"The massive change in the petrol price would come because of the rise in the price of petrol in the global market."

However, due to a global decline in the HSD price, there would be a decrease in its price in Pakistan as well. The price of HSD dropped to $98 per barrel globally in the last weeks compared to $99 per barrel in the first 15 days of March.

Geo News reported citing industry officials, that this decline would be translated into more than a one-rupee decrease in the price for domestic consumers.

They also said that the local prices of petroleum products will not be impacted significantly as the exchange rate has almost remained stabilised during the last four weeks.

The fuel prices are reviewed every 15 days based on the global rates and exchange rate of the local currency. The rupee registered a slight increase against the US dollar, trading at around 277.94 per dollar on Friday.

The federal government will announce the final prices on Sunday (tomorrow) which will take effect from April 1 (Monday)

www.ndtv.com

Pakistan To Hike Petrol Prices Again. This Is What It Will Cost Now

Pakistan could face a fresh burden of inflated petrol rates in the upcoming fortnightly review of petroleum prices, Geo News reported on Saturday.
www.ndtv.com www.ndtv.com
 
Petrol price jacked up by Rs9.66 per litre

The federal government on Sunday increased the price of petrol by Rs9.66 per litre, effective from April 1, 2024 — a decision which could have a serious inflationary impact on the lives of ordinary citizens.

However, the government has also decided to decrease the tariff of high-speed diesel (HSD) by Rs3.32. After the hike, the price of petrol reached Rs289.41 while HSD is available at Rs282.24.

HSD is primarily used in the agriculture and transport sectors, and this price reduction may help alleviate inflation to some extent.

The recent increase in petrol price is attributed to a rise in the premium from $12.15/barrel to $13.507/barrel, marking a $1.45/barrel increment.

The new prices of petroleum products will be implemented at 12am, which will remain applicable for the next 15 days.


Tribune
 
Literally everything destroyed- economy, Justice system, SC, army, health and anything else we care to name. But corruption back with a vengeance- 3 crore spent on tyres of a BMW but no money for health care, camp offices for SS and AZ in their own buildings and billions stolen by a corrupt media.
 
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If a country imports most of its petroleum, then it's absolutely disastrous to subsidise such a commodity. Firstly the import alone affects the trade balance, currency value etc.... one only makes it worse by spending people's money to subsidise this further and worsen the fiscal deficit. All the parties and establishment have made the same stupid mistake.
 
shortbread said:
If a country imports most of its petroleum, then it's absolutely disastrous to subsidise such a commodity. Firstly the import alone affects the trade balance, currency value etc.... one only makes it worse by spending people's money to subsidise this further and worsen the fiscal deficit. All the parties and establishment have made the same stupid mistake.
Click to expand...
This OP was crying during IK government.
 
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Petrol prices increase, Poor get more depressed because all other household items will also see a price hike now. PDM 2.0 is on the move to cause further damage to the country.
 
The federal government on Monday approved a hike in the price of petrol by Rs 4.53 per liter, and the price of diesel by Rs 8.14 per liter for the next fortnight, ARY News reported.

According to the notification issued by the ministry of Finance, the petrol will be available at Rs293.94 per liter after the increase of Rs 4.53, while the High-Speed Diesel will be sold at Rs 290.38 per liter after an increase of Rs 8.14.


ARY News
 
I don't know when we see a different approach from the government to make money. It seems the only way they know is to increase prices of petrol, electricity, gas etc.
 
Government eyes deregulation of fuel prices

Amid increasing fuel prices and the oil industry’s complaints over the rising influx of smuggled oil products, the government has expedited the process of deregulating petroleum product prices to shift the brunt of public criticism to oil marketing companies (OMCs).

In a directive, the petroleum division has asked the Oil and Gas Regulatory Authority (Ogra) “to share a presentation on the analysis and implications of deregulation of petroleum products” within three days.

This should particularly cover the “in-country freight equalisation margins (IFEM) and other related aspects”, it said.

The directive came following instructions from the Prime Minister’s Office for urgent finalisation of a “deregulation framework for the petroleum sector”, a senior government official said.

The government has been under public criticism for rising petroleum product prices, even though it was not at liberty to change fixed tax rates on various products under the donor-dictated pricing mechanism.

The government’s only role at present is limited to announcing fortnightly fuel prices calculated by Ogra to pass on the impact of the international market and exchange rate to consumers.

The oil industry has also been criticising the government for doing little to stop the massive smuggling of low-quality and cheaper products, particularly from Iran.

This smuggling affects the regulated oil industry’s market share and profitability, and causes the government annual revenue loss of over Rs230 billion.

The industry had warned the government of its inability to upgrade its infrastructure to Euro-5 quality fuels when it had to compete with low-quality kerosene and benzene-grade smuggled fuels freely available across the country.

Pricing independence

An official told Dawn that while the final deregulation framework would come out with the approval of the federal cabinet and the Special Investment Facilitation Council (SIFC), the deregulation of petrol and high-speed diesel (HSD) pricing would mean an end of uniform pricing across the country and the oil companies would be free to set their own prices for different cities and towns.

Legally speaking, he explained, petroleum prices were already deregulated and the government notified only kerosene prices for the retail stage.

In case of other products like petrol, HSD and light diesel oil, the government only notified tax rates like petroleum development levy, customs duty and sales tax, etc. and fixed profit margins for dealers and marketing companies, while Ogra and the Ministry of Finance adjust the IFEM, which currently ensures uniform pricing across Pakistan.

Therefore, the Ministry of Finance normally announces ex-depot prices without notification, while petrol stations set their own retail prices.

On the other hand, the oil industry set its own rates for furnace oil and the high-octane blending component (HOBC) based on tax rates notified by the government.

Now, the government is likely to completely deregulate the prices of petrol and diesel, including commissions of OMCs and dealers, on the pattern of HOBC.

In the new framework, Ogra and the Competition Commission of Pakistan would have a greater role, notwithstanding their limited capacity and outreach, to ensure product quality, availability and competitive environment to avoid market collusion and cartelisation.

This would also mean that the IFEM mechanism would also be deregulated. This means the prices would significantly vary from one city to another and from one oil company to another.

Consumers close to ports and refineries would be at an advantage in getting products at cheaper rates, while those further afield would have to pay a higher price. The difference could vary between Rs3 and Rs8 per litre, depending on the actual transportation cost.

Warning from OCAC

The move comes at a time when the Oil Companies Advisory Council (OCAC) — an association of over three dozen oil companies and refineries — warned the government early this week about “a serious threat to the opportunity of huge investment in the country due to the staggering influx of smuggled petroleum products from Iran”.

In a letter to the SIFC, the advisory council said that besides causing billions of rupees revenue loss to the government and forcing the local refineries to operate at unviable lower throughputs, the “menace of unabated smuggling seemingly under the patronage of official authorities is now reached to the extent that it may jeopardise opportunity of the forthcoming huge investment (worth $5bn-6bn) in refineries expansion and upgradation projects under the Oil Refining Policy for Upgradation of Brownfield Refineries, 2023” notified in February 2024.

It pointed out that the feasibilities of these upgrade projects were based on the optimum capacity utilisation of refineries.

“The smuggling of petroleum products, if continued, would seriously question the viability of these projects, forcing the prospective investors to review their decisions” to bring in huge investment and substantially increase production of deficit products and meet environment-friendly Euro-5 specifications.

SOURCE: DAWN
 
Petroleum Dealers Association warns against deregulation of fuel prices

Addressing a press conference in Karachi, Pakistan Petroleum Dealers Association, Abdul Sami Khan said deregulation of fuel prices will cause huge damage to the industry and the masses will be deprived of quality fuel products.

He said petrol and diesel would be sold at exorbitant rates in the far-flung areas after deregulation of the fuel prices. Deregulation of oil prices could plunge the nation into a state of hyperinflation and economic instability, he added.

Threatening a protest against the expected deregulation of fuel prices, Abdul Sami Khan vowed to challenge the decision in the courts.

The reaction of the Pakistan Petroleum Dealers Association came after, the OGRA proposed phase-wise deregulation of fuel prices in the country.

Attock Refinery shuts major unit​


On Tuesday, Attock Refinery Limited shut down its main crude distillation unit.

As per details, the main unit was closed due to high stocks of diesel, which have not been lifted because of rampant fuel smuggling in the domestic market.

The refinery said the oil marketing companies were not buying fuel from them as the demand for fuel was being met through smuggled fuel in the country.

arynews.tv

Petroleum Dealers Association warns against deregulation of fuel prices

The Pakistan Petroleum Dealers Association (PPDA) has warned against deregulation of fuel prices, ARY News reported. Addressing a press conference in
arynews.tv arynews.tv
 
Petrol, diesel prices set to fall in Pakistan

The price of petrol decreased by $1.86 per barrel to $107.16 per barrel, while the price of diesel in the global market recorded a fall of $4.3 per barrel to $104.76 per barrel,

Following the global trend, the petrol price likely to go down by Rs5 per liter in the domestic market. Similarly, the price of diesel mag fall by Rs7.85 per liter for consumers in the Pakistani market.

During last review, the federal government increased the petrol price by Rs 4.53 per liter, and the price of diesel by Rs 8.14 per liter.

The petrol was currently being sold at Rs293.94 per liter while the High-Speed Diesel was available at Rs 290.38 per liter.

Oil prices in international market were little changed on Thursday as falling fuel demand in the U.S., the world’s biggest oil user, amid signs of a slowing economy contended with concerns for a widening conflict in the key Middle East producing region.

Brent crude futures edged up 9 cents to $88.11 a barrel at 0420 GMT, after falling 0.5% in the previous session.

U.S. West Texas Intermediate crude futures for June gained 7 cents to $82.88 a barrel, following a 0.6% drop on Wednesday.

Data from the U.S. Energy Information Administration (EIA) showed gasoline demand in the week to April 19 dropped 2.8% from a week earlier and is down 11% from a year ago. Distillate fuel demand also declined from a week ago and is down 4.7% from a year ago.

The falling fuel demand is occurring amid signs of cooling U.S. business activity in April and as stronger-than-expected inflation and employment data means the U.S. Federal Reserve is more likely to delay expected interest rate cuts, weighing on economic sentiment.

Other EIA data on Wednesday showed U.S. oil inventories unexpectedly fell last week as exports jumped, while gasoline stockpiles decreased less than forecast.

arynews.tv

Petrol, diesel prices set to fall in Pakistan

KARACHI: Petroleum prices in Pakistan are likely to go down in the upcoming fortnightly review as global oil prices continue their downward trend, ARY
arynews.tv arynews.tv
 
OGRA refutes reports of deregulation of fuel prices

According to a statement issued here, OGRA has rejected the reports about deregulating petroleum prices, citing potential impacts on the oil industry and the public.

The authority has written a letter to oil refineries, stating that a draft of certain aspects of petroleum price deregulation has been prepared under the direction of the Prime Minister’s Office.

The OGRA letter emphasizes that the final decision on petroleum price deregulation rests with the federal government, and will be made after considering the perspectives of all stakeholders.

The government will take into account the potential effects on the oil industry and the public before making a decision, the letter stated.

This development came after the Pakistan Petroleum Dealers Association (PPDA) yesterday warned against deregulation of fuel prices.

Addressing a press conference in Karachi, Pakistan Petroleum Dealers Association, Abdul Sami Khan said deregulation of fuel prices will cause huge damage to the industry and the masses will be deprived of quality fuel products.

He said petrol and diesel would be sold at exorbitant rates in the far-flung areas after deregulation of the fuel prices. Deregulation of oil prices could plunge the nation into a state of hyperinflation and economic instability, he added.

Threatening a protest against the expected deregulation of fuel prices, Abdul Sami Khan vowed to challenge the decision in the courts.

The reaction of the Pakistan Petroleum Dealers Association came after, the OGRA proposed phase-wise deregulation of fuel prices in the country.

arynews.tv

OGRA refutes reports of deregulation of fuel prices

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Friday refuted reports regarding deregulation of fuel prices, ARY News reported. According to a
arynews.tv arynews.tv
 
So we can expect another surge in petrol prices in Pakistan

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Saudi Arabia may raise prices for most oil grades to Asia for June

Top oil exporter Saudi Arabia may raise prices for most of the crude grades it sells to Asia in June to their highest levels in five months after Middle East benchmarks strengthened this month, trade sources said on Monday.

The June official selling price (OSP) of flagship Arab Light crude may rise by 70 to 90 cents to close to a $3 per barrel premium to the average of Dubai and Oman quotes, seven refining sources said in a Reuters survey, which would be the highest level since January.

The price hikes would track a wider backwardation for the first and third month for Platts Dubai and DME Oman at 83 cents and 96 cents, respectively, so far this month versus last month's average, Reuters data showed.

Prompt prices are higher than those in future months, indicating tight supply.

Most respondents expect June OSPs for Arab Medium and Arab Heavy to rise on par with Arab Light, supported by tight supply amid OPEC+ cuts and robust fuel oil margins.

Abu Dhabi National Oil Co (ADNOC) has started processing Upper Zakum crude at its revamped Ruwais refinery, reducing exports of the medium sour grade.

However, Mexico's Pemex is reversing crude export cuts of at least 330,000 barrels per day (bpd) planned for May amid lower-than-expected oil demand from its domestic refineries, which has partially eased tight supply.

The change in ADNOC's refinery feedstock has led to record Murban crude exports in April of 1.65 million barrels per day, Kpler data showed, which has depressed light sour crude prices.

Strong light crude supply and weak naphtha margins are expected to limit price rises for Arab Extra Light to 30-50 cents in June, lagging gains by other Saudi grades, respondents to the Reuters survey said. Saudi crude OSPs are usually released around the fifth of each month, setting the trend for Iranian, Kuwaiti and Iraqi prices and affecting about 9 million barrels per day (bpd) of crude bound for Asia.

State producer Saudi Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the preceding month, based on yields and product prices.

Saudi Aramco officials as a matter of policy do not comment on the kingdom's monthly OSPs.

Below are expected Saudi prices for June (in $/bbl against the Oman/Dubai average):

MAYChangeest. JUNE OSP
Arab Extra Light+2.10+0.30/+0.50+2.40/+2.60
Arab Light+2.00+0.70/+0.90+2.70/+2.90
Arab Medium+1.35+0.70/+1.00+2.05/+2.35
Arab Heavy+0.50+0.70/+1.00+1.20/+1.50

 
Petrol, diesel prices likely to be cut by Rs9 per litre

The petrol and high-speed diesel (HSD) prices are set to drop by about Rs5 and Rs9 per litre, respectively, on Tuesday mainly because of a fall in the international prices and import premiums.

Informed sources said the prices of petrol and HSD had declined in the international market by about $3 and $5 per barrel, respectively, in the last fortnight. Depending on the final calculation of the inland freight equalisation margin (IFEM), the price of petrol is projected to come down by Rs4.50-5.20 per litre and that of HSD by Rs8-8.50 per litre.

The petrol import premium has dropped by almost 10pc to $9.60 per barrel from $10.7. This is the second fortnightly fall from $13.50 per barrel in March. On the other hand, however, the rupee lost about 45 paise against the dollar during the fortnight to Rs278.65. The net impact is estimated to be about Rs5 per litre reeducation in petrol price from the existing Rs295.

The HSD price also dropped by about $5 per barrel, and its import premium, paid by Pakistan State Oil, remained unchanged at $6.50 per barrel. Thus, the HSD rate was estimated to be down by Rs8 to Rs8.50 per litre, subject to final exchange rate adjustment and IFEM in pricing, from the current rate of Rs290.38 per litre at the depot stage. Officials said the international market price of petrol had dropped to $96.6 per barrel from $98.5 earlier, while the HSD price to $97.5 from $102.9 per barrel.

Almost a fortnight ago, the government had increased the price of petrol and HSD by Rs4.53 and Rs8.14 per litre for the fortnight ending April 30.

The government has already achieved Rs60 per litre petroleum levy — maximum permissible limit under the law — on both petrol and HSD.

SOURCE: DAWN
 
The federal government on Tuesday slashed the price of petrol by Rs5.45 per litre for the next fortnight, ARY News reported citing sources.

Prime Minister Shehbaz Sharif has approved the reduction in the fuel price.

According to a notification issued by the finance ministry, petrol will be available at Rs 288.49 per litre from May 1 following a reduction of Rs 5.45.

Meanwhile, diesel price is reduced by Rs8.42 per litre, light-speed diesel (LSD) by Rs5.63 per litre and kerosene oil has been reduced by Rs8.74 per litre and light-speed diesel (LSD) by Rs5.63 per litre.


ARY News
 
‘Big relief’ in petrol price expected from May 16

Sources said the government is expected to cut petrol price by Rs14 per litre and diesel by Rs10 on May 16 for the next fortnight revision.

Last month, the government slashed the price of petrol and high-speed diesel for the next fortnight by Rs5.45 and 8.42, respectively.

The current petrol price is Rs288.49 per litre and that of HSD is Rs281.96.

Meanwhile, oil prices extended declines on Monday amid signs of weak fuel demand and as comments from U.S. Federal Reserve officials dampened hopes of interest rate cuts, which could slow growth and crimp fuel demand in the world’s biggest economy.

Brent crude futures slid 25 cents, or 0.3%, to $82.54 a barrel, while U.S. West Texas Intermediate crude futures were at $78.07 a barrel, down 19 cents, or 0.2%.

Oil prices also fell amid signs of weak demand, ANZ analysts said in a note, as U.S. gasoline and distillate inventories rose in the week ahead of the start of the U.S. driving season.

Refiners globally are struggling with slumping profits for diesel as new refineries boost supplies and as mild weather in the northern hemisphere and slow economic activity eat into demand.

arynews.tv

'Big relief' in petrol price expected from May 16

ISLAMABAD: "Big relief" in petrol and diesel prices is expected for consumers in Pakistan following a decrease in global oil prices, ARY News reported on
arynews.tv arynews.tv
 
The federal government on Wednesday reduced the price of petrol by Rs15.39, taking the new rate to Rs273.10 per litre, Aaj News reported.

The price of high-speed diesel (HSD) has also been slashed by Rs7.88 per litre to Rs274.08.
 
Petrol, diesel to get cheaper by up to Rs7.5 per litre

Due to a bearish trend in the international market, petrol and high-speed diesel (HSD) prices are expected to decrease by approximately Rs6.50 to Rs7.50 per litre on May 31, despite a slight exchange rate loss.

Informed sources said the prices of petrol and HSD had declined in the international market by about $3.25 and $2.10 per barrel, respectively, in the last fortnight. This is on top of the $8.7 and $4.3 per barrel drop in petrol and HSD rates, respectively, in the previous fortnight.

Depending on the final calculation of the Inland Freight Equalisation Margin (IFEM), the petrol price is projected to come down by Rs7.25 and HSD by Rs6.25 per litre. The import premium on petrol has decreased by about 7pc in the last fortnight to $9.70 from $10.30 per barrel.

However, the rupee slightly lost about 10 paise against the US dollar during the fortnight. The net impact is estimated to be about Rs7 per litre reduction in petrol price from the existing ex-depot rate of Rs273.10.

The HSD price also dropped by about $2.10 per barrel in the international market, and its import premium paid by the benchmark Pakistan State Oil (PSO) remained unchanged at $6.50 per barrel. Thus, the HSD rate was estimated to be down by Rs6.25 per litre, subject to final exchange rate adjustment and IFEM in pricing, from the current rate of Rs274.08 per litre at the depot stage.

Officials said the price of petrol had gone down to about $95 per barrel from around $98.27 per barrel earlier in the international market, while the price of HSD had reduced to $97 from $99.12 per barrel. The prices of petrol and HSD had also dropped by Rs15.93 and Rs7.88 per litre, respectively, with effect from May 16.

The government has already achieved the Rs60 per litre petroleum levy—the maximum permissible limit under the law—on both petrol and HSD and collected Rs720bn in the first nine months ending March 31. The government had set a budget target to collect Rs869bn as petroleum development levy (PDL) on petroleum products during the current fiscal year under the commitments made with the International Monetary Fund (IMF).

Higher petroleum and electricity prices have been fuelling inflation. Petrol is mostly used in private transport, small vehicles, rickshaws, and two-wheelers and has a direct bearing on the budget of the middle and lower middle classes. On the other hand, HSD prices are considered highly inflationary as they are mostly used in heavy transport vehicles, trains, and agricultural engines like trucks, buses, tractors, tube wells, and threshers. They particularly add to the prices of vegetables and other eatables.

Currently, the government charges about Rs82 per litre tax on petrol and HSD. Although general sales tax (GST) is zero on all petroleum products, the government is charging Rs60 per litre PDL on both products. On the other hand, it is charging Rs50 per litre for high-octane blending components and 95RON petrol. The government also charges about Rs19-20 per litre customs duty on petrol and HSD.

Petrol and HSD are the major revenue spinners, with monthly sales of about 700,000-800,000 tonnes compared to just 10,000 tonnes of kerosene demand.

SOURCE: DAWN
 

Govt likely to further slash petrol prices​


The prices of petroleum products are anticipated to decrease further from June 1, providing relief to consumers. According to sources, the price of petrol is expected to drop by Rs5.50 per liter for the next 15 days. The current price of petrol is Rs273.10 per liter.

The price of diesel is expected to decrease by Rs4.30 per liter, kerosene by Rs2.15 per liter, and light diesel oil (LDO) by Rs5.08 per liter.

This expected reduction is attributed to a recent decline in global crude oil prices. Sources indicate that the benefits of this price drop in the international market will be passed on to the public.

The Oil and Gas Regulatory Authority (OGRA) will submit its calculations based on the global market trends to the government on May 31.

The final decision regarding the new prices will be made by Prime Minister Shehbaz Sharif. Following the approval, the Ministry of Finance will issue an official notification detailing the updated prices. This move is expected to bring significant relief to the public, who have been grappling with high fuel prices in recent months.

In a significant relief for consumers grappling with inflation, the government on May 15 announced a welcome reduction in petrol and high-speed diesel (HSD) prices for a fortnight by Rs15.39 per liter and Rs7.88 per liter, respectively. The decision came in response to the recent downward trend in global petroleum prices.

Petrol is used in motorbikes and cars and is considered an alternative to compressed natural gas (CNG), especially in the Punjab province. HSD is widely used in the transport and agriculture sectors; therefore, a reduction in its price is poised to have a significant impact on lowering inflation countrywide.

tribune.com.pk

Govt likely to further slash petrol prices | The Express Tribune

Prices of petrol and diesel likely to be reduced by Rs5.50 per liter and Rs4.30 per liter respectively
tribune.com.pk tribune.com.pk
 
Govt slashes petrol price by Rs 4.74 per litre

The federal government on Friday slashed the price of petrol by Rs 4.74 per litre for the next fortnight, ARY News reported.

After the approval of Prime Minister Shehbaz Sharif, the Finance Ministry reduced the prices of petrol by Rs 4.74 per litre and diesel by Rs 3.86 per litre.

After a reduction of Rs 4.74, the new petrol price has been fixed at Rs 268.36 per litre. The price of high-speed diesel (HSD) has been decreased by Rs 3.86 to Rs 270.94 per litre.


ARY News
 
Fuel prices likely to reduce by Rs12

The government is expected to announce a further reduction in the prices of petroleum products by Rs12 per litre from June 15 as the global oil rates are on a declining trend.

At the start of the ongoing month, the government slashed the prices of petrol and high-speed diesel (HSD) by Rs4.74 and Rs3.84 per litre, respectively.

After the reduction, the new price of petrol is Rs268.36 per litre against its previous rate of Rs273.10. Similarly, HSD is available for Rs270.22 per litre instead of its earlier price of Rs274.08.

Similarly, the prices of kerosene oil and light diesel oil (LDO) were also reduced by Rs1.87 and Rs 3.88 per litre for the next 15 days.

After the reduction, kerosene oil costs Rs171.61 per litre against its earlier price of Rs 173.48. Likewise, LDO is available for Rs157.29 per litre after the cut instead of its previous rate of Rs161.17.

According to sources, the prices of petroleum products are likely to decrease as the rates of oil in the international market have fallen by $5.14.

The government has reduced the prices of petrol an HSD by Rs24 and Rs20 per litre, respectively.

EXPRESS TRIBUNE
 
Petrol rates expected to go down by Rs9 tomorrow

The government is expected to pass on the impact of lower international prices to consumers with a cut in the rates of petrol and high-speed diesel (HSD).

In the upcoming fortnightly review of prices on June 15, petrol is expected to go down by about Rs9 and HSD by Rs5 per litre.

According to sources, the prices of petrol and HSD had declined in the international market by about $3.75 and $2.7 per barrel, respectively, in the last two weeks.

This was on top of about $12 and $8 per barrel drop in the price of petrol and HSD, respectively, in the previous two fortnights.

The price of petrol had gone down to about slightly over $90 per barrel from about $94 per barrel while HSD price reduced to $95 from $98 per barrel.

The import premium on petrol has slightly decreased in the last fortnight to $9.50 per barrel from $9.70. On the other hand, the value of rupee has also remained stable.

Depending on the final calculation, including inland freight equalisation margin (IFEM), the price of petrol is projected to come down by Rs9 per litre and that of HSD by Rs5 per litre.

The final price will include the Petroleum Development Levy (PDL), for which the government has already achieved the maximum permissible limit of Rs60 per litre under the law on both petrol and HSD.

This has contributed Rs720bn to the government kitty in the first nine months of the fiscal year ending March 31.

The government had set a budget target to collect Rs869bn in PDL during the current fiscal year under the commitments made with the International Monetary Fund, which has now been revised to Rs960bn.

At present, the government is charging about Rs80 per litre tax on both petrol and HSD, including about Rs19-20 per litre customs duty.

This was despite the fact that the general sales tax is zero on all petroleum products.

Petrol and HSD are the major revenue spinners with their monthly sales of about 700,000 to 800,000 tonnes per month compared to just 10,000 tonnes of monthly demand for kerosene.

Petroleum and electricity prices have been the key drivers of high rate of inflation. Petrol is mostly used in private transport, small vehicles, rickshaws and two-wheelers and has a direct bearing on the budget of the middle- and lower-middle class.

On the other hand, HSD price is considered highly inflationary as it is mostly used in heavy transport vehicles, trains and agricultural engines like trucks, buses, tractors, tube wells and threshers, and particularly adds to the prices of vegetables and other eatables.

SOURCE: DAWN
 
Petrol price in Pakistan slashed by Rs10 per litre

In a major relief, the Pakistan government on Wednesday slashed the prices of petrol and high-speed diesel (HSD) for the next fortnight by Rs10.20 and Rs2.33, respectively.

According to details available with ARY News, the new price of petrol is now Rs258.16 per litre, Rs10.20 down from the previous Rs268.36.

Similarly, high-speed diesel (HSD) will be available for Rs267.89 per litre, Rs2.33 down from the previous rate of Rs270.22 per litre.

A fortnight ago, the Pakistan government reduced the prices of petrol and high-speed diesel by Rs4.74 and Rs3.86 per litre, respectively.

With this latest reduction, the total relief provided to the public in terms of petrol prices has reached Rs35 per litre.


ARY News
 
Petrol, diesel prices in Pakistan likely to go up from July 1

Prime Minister Shehbaz Sharif-led federal government is poised to announce a substantial hike in petrol prices, effective July 1, in line with the implementation of the Budget 2024-25.

This will be the first price revision since the budget for the fiscal year 2024-25 was presented on June 12.

In the recently proposed Finance Bill 2024, the government has introduced a notable increase in the maximum petroleum levy, raising it by Rs20 to Rs80 per litre.

This adjustment is expected to have a significant impact on petrol and high-speed diesel (HSD) prices nationwide.


Samaa TV
 
Petrol, diesel prices likely to rise by Rs8 for next fortnight

After four consecutive fortnightly price cuts, the major petroleum products — petrol and high-speed diesel (HSD) — are estimated to become costlier by Rs7 and Rs8 per litre, respectively, with effect from July 1 for the next fortnight, mainly because of the higher international market.

Informed sources said the prices of petrol and HSD had increased in the international market by about $4.4 and $5.5 per barrel, respectively, in the last fortnight. Depending on the final calculation and existing tax rates, the price of petrol is projected to be Rs7 higher and that of HSD to go up by Rs8.5 per litre.

The price increase could be higher if the government opts for a higher petroleum development levy (PDL) from the existing Rs60 per litre with the start of the new fiscal year.

The government has jacked up the maximum limit of PDL to Rs80 per litre in the Finance Bill 2024 to collect Rs1.28 trillion against Rs960bn estimated collection during the outgoing fiscal year, almost Rs91bn higher than the Rs869bn budget target.

Finance Minister Muhammad Aurangzeb, however, announced on June 13 that PDL would be gradually increased depending on the pricing trend.

During the current fortnight, the import premium on both petrol and HSD has remained unchanged at $9.60 and $6.50 per barrel, respectively. On the other hand, the rupee depreciated by about 17 paise against the dollar during the fortnight.

Since May 1, the prices of both petrol and HSD have been going down mainly because of the slump in the international market. The petrol price has since dropped by about Rs35 per litre to about Rs259 from about Rs294 on April 30. Likewise, the HSD price has come down by about Rs22 per litre to Rs268 from over Rs290 in the second fortnight of April.

The government has already achieved Rs60 per litre PDL — the maximum permissible limit under the law — on both petrol and HSD.

The government had set a budget target to collect Rs869bn as petroleum levy on petroleum products during the current fiscal year under the commitments made with the International Monetary Fund (IMF), which has now been revised to Rs960bn, according to budget documents for 2024-25.

Currently, the government is charging about Rs77 per litre tax on petrol and HSD. Although the general sales tax (GST) is zero on all petroleum products, the government charges Rs60 per litre PDL on both products, which usually impacts the masses. The government also charges about Rs17 per litre customs duty on petrol and HSD, irrespective of their local production or imports.

On the other hand, it charges Rs50 per litre on light diesel and high octane blending components and 95RON petrol used by the wealthy in luxury imported vehicles.

Petroleum and electricity prices have been the key drivers of high inflation. Petrol is mainly used in private transport, small vehicles, rickshaws, and two-wheelers, and it directly affects the budget of the middle and lower middle classes.

On the other hand, HSD prices are considered highly inflationary as they are mostly used in heavy transport vehicles, trains, and agricultural engines like trucks, buses, tractors, tube wells, and threshers. It mainly adds to the prices of vegetables and other eatables.

Petrol and HSD are the major revenue spinners, with monthly sales of about 700,000-800,000 tonnes compared to just 10,000 tonnes of demand for kerosene.

DAWN
 
Pakistan increases prices of petrol, diesel on start of new fiscal year

The government increased on Sunday the prices of petrol and high-speed diesel (HSD) for the next fortnight by Rs7.45 and Rs9.56, respectively. The fuel prices will be applicable from July 1 (Monday).

The new rates of petrol and diesel after a big increase are Rs265.61/litre and Rs277.45/litre.



AAJ News
 

What are the demands of petroleum dealers?​


The Pakistan Petroleum Dealers Association (PPDA) has demanded the immediate withdrawal of the advance income tax within four days, threatening a nationwide strike if their demands are not met.

"We have clearly stated that we will take strict action," said PPDA Chairman Abdul Sami Khan.

The association represents 14,000 dealers who are poised to shut down petrol pumps across the country starting July 5.

The PPDA announced the strike as a protest against the imposition of a 0.5 per cent advance turnover tax in the recent budget.

Chairman Abdul Sami Khan warned that this tax would devastate the petrol pump business, which is already struggling with minimal profits and high inflation.

"The additional burden of taxes will destroy our business. There is no other option but to close the business because of this unfair tax," he asserted.

In response, the government has directed oil marketing companies (OMCs) to ensure sufficient stocks of petroleum products at company-owned or company-operated sites to avoid disruption of the supply chain and inconvenience to the public.

The precautionary measure aims to mitigate the impact of the strike.

Abdul Sami Khan noted that his meeting with the finance minister did not yield any solutions.

"I have met the finance minister; he has no answer to our questions," Khan added.

The strike is set to commence on July 5, with petrol pumps shutting down nationwide.

tribune.com.pk

What are the demands of petroleum dealers? | The Express Tribune

Fuel dealers demand the withdrawal of advance tax, plan nationwide strike on July 5.
tribune.com.pk tribune.com.pk
 
Petroleum Dealers Association to shut down petrol pumps on Friday

The Pakistan Petroleum Dealers Association (PPDA) has announced that they would be shutting down all petrol pumps across the country from 6am on Friday (tomorrow) as their negotiations with the government have failed to yield any results.

In a statement, the PPDA said that no conclusion could be reached despite repeated meetings with the finance minister, the Federal Board of Revenue chairman, and the Oil and Gas Regulatory Authority chairman. The association had demanded that the government roll back the taxes, but the negotiations did not produce any positive outcome.

“We are compelled to go on strike,” Abdul Sami Khan, the PPDA president, said. “We have repeatedly demanded that the government refund the taxes, but despite all our efforts, our demands are not being met, and we have no option left except to go on strike.”

He had said that there would be no negotiations until the government reversed its decision and 14,000 dealers across the country would shut down their pumps from July 5.

This comes in contrast to the stance of the Pakistan Oil Tankers Association, which has dissociated itself from the PPDA’s strike.

Shams Shahwani, the Oil Tankers Association chairman, said that the supply of petrol and diesel would continue throughout the country and they “cannot think of suspending the supply in the current situation.”

He said that they had decided to save the consumers from any inconvenience.


AAJ News
 
Following the nationwide strike call by the Petroleum Dealers Association, Pakistan State Oil (PSO) has announced that the supply of petroleum products will be ensured across the country, ARY News reported on Thursday.

PSO has confirmed that its supply chain is fully operational, guaranteeing that petrol pumps will remain stocked despite the strike.


ARY News
 
Cricket Warrior said:
Following the nationwide strike call by the Petroleum Dealers Association, Pakistan State Oil (PSO) has announced that the supply of petroleum products will be ensured across the country, ARY News reported on Thursday.

PSO has confirmed that its supply chain is fully operational, guaranteeing that petrol pumps will remain stocked despite the strike.


ARY News
Click to expand...

Petroleum dealers strike: Pumps closed in Karachi, Peshawar but not Islamabad​


A strike by petrol pump owners across Pakistan began on Friday after negotiations between the All Pakistan Petroleum Dealers Association and the government over a new tax failed to reach a resolution.

The All Pakistan Petroleum Dealers Association is protesting against the government’s implementation of a 0.5% advance turnover tax on petroleum products. The association argues that the tax will place a significant burden on their businesses and has demanded its withdrawal.

The government, however, has remained steadfast in its position, stating that the tax is necessary to generate revenue.

The deadlock in negotiations prompted the Association to call for a nationwide strike, with petrol pumps across the country closing their doors. While the strike was not observed in Islamabad due to the recent passing of the Association’s vice president in Punjab, the association has confirmed that all petrol pumps across the country will remain closed until further notice.

The strike has led to long queues at petrol stations across the country as motorists scrambled to fill their tanks before the pumps closed. The Association has warned that the strike could be extended if their demands are not met.

Despite the ongoing strike, the Petroleum Division and the Oil and Gas Regulatory Authority (OGRA) have assured the public that there is sufficient supply of petroleum products in the country. OGRA spokesperson Imran Ghaznavi stated that all oil marketing companies have been instructed to ensure adequate supply to petrol stations and keep them open.

However, some petrol pump owners in Lahore have expressed their opposition to the strike, advocating for a negotiated solution instead.

The situation remains tense, with the Association threatening to extend the strike if their demands are not met. The government has yet to respond to the association’s demands, leaving the future of the strike uncertain.

Strike postponed in Islamabad​

The All Pakistan Petroleum Dealers Association (APPEDA) has postponed its strike in the twin cities of Islamabad and Rawalpindi following the passing of the association’s vice president, Qazi Khalid.

All petrol pumps in the twin cities will remain open. The strike will continue in other cities across Pakistan.

Karachi​

Residents of Karachi are facing difficulties due to the ongoing strike by petrol pump owners protesting against the implementation of a double taxation policy.

Petrol pumps across the city began closing their doors last night in support of the strike. Many stations have been closed with banners and signs, while others remain open with long queues of vehicles waiting for fuel.

The Association had announced a nationwide strike on July 5th, with 13,000 petrol pumps closing their doors in protest against the government’s implementation of an advance turnover tax.

Speaking to the media last night, Association President Abdul Sami said that the association had repeatedly requested the government to withdraw the tax but their demands were ignored. He stated that no further negotiations would take place until the government revoked the tax and that all 14,000 dealers across the country would be shutting down their petrol pumps at 6 am today.

However, Association spokesperson Hassan Shah has refuted the strike call by some Karachi dealers, claiming that they are more concerned with the interests of oil marketing companies than their own community.

Peshawar​

Petrol pumps in Peshawar are closed today in response to a strike call issued by the All Pakistan Petroleum Dealers Association.

Fuel supply has been suspended at pumps across the city, including those on Ring Road and GT Road. However, PSO pumps continue to provide fuel.

english.aaj.tv

Petroleum dealers strike: Pumps closed in Karachi, Peshawar but not Islamabad

The petroleum dealers association is protesting over an advanced tax
english.aaj.tv
 
Expected Petrol prices in Pakistan from July 16, 2024

Petrol prices in Pakistan are expected to see a substantial increase next month, in July 2024, marking the start of the new fiscal year 2024–25.

According to reports, the federal government plans to raise the petrol price by Rs7.54 per litre and the high-speed diesel (HSD) price by Rs9.84 per litre for the first 15 days of July.

Additionally, if the government adds a Rs5 per litre petroleum levy starting July 1, petrol prices could increase by Rs12.54 per litre, and diesel prices could go up by Rs14.84 per litre.

The government has decided to raise the maximum petroleum levy to Rs 80 from the previous Rs 60, implementing the increase in different phases.

Earlier this month, the government reduced petrol and HSD prices by Rs10.20 and Rs2.33 per litre, respectively.

After this revision, the current petrol price stands at Rs258.16 per litre, while the HSD price is Rs267.89 per litre.


www.bolnews.com

Expected Petrol prices in Pakistan from July 16, 2024

Petrol prices in Pakistan are expected to see a substantial increase next month, in July 2024, marking the start of the
www.bolnews.com www.bolnews.com
 
Govt hikes petrol price by Rs9.99, diesel’s by Rs6.18 per litre

The federal government on Monday increased the price of petrol by Rs9.99, taking the rate to Rs275.60 per litre.

According to a notification from the Finance Division, the price of high-speed diesel (HSD) has been increased by Rs6.18 per litre to Rs283.63.


www.brecorder.com

Govt hikes petrol price by Rs9.99, diesel’s by Rs6.18 per litre

- Petrol's new rate, applicable from July 16, stands at Rs275.6 per litre
www.brecorder.com
 

Government set to deregulate petroleum prices​


The federal government has decided to transfer the authority to set petroleum prices from the state to oil marketing companies, sources revealed on Wednesday.

Insiders said that Prime Minister Shehbaz Sharif has instructed the cessation of the government’s role in determining petroleum prices, prompting Petroleum Minister Musadik Malik to call a crucial meeting scheduled for tomorrow.

The government is preparing to delegate the pricing authority to oil marketing companies in phases.

The Chairman of the Oil and Gas Regulatory Authority (OGRA) has been tasked with assessing the impacts of deregulating petroleum prices and developing a strategic framework.

The final framework for deregulation will be presented to the prime minister for approval.

Sources indicate that petroleum dealers have opposed giving pricing authority to oil marketing companies, arguing that it could lead to profiteering.

Previously, the Oil Marketing Association of Pakistan (OMAP) had appealed to PM Shehbaz to intervene immediately and facilitate the recovery of foreign exchange losses of the petroleum industry.

In that regard, OMAP Chairman Tariq Wazir Ali wrote a letter to the prime minister to draw his attention to the unrecoverable exchange losses of the petroleum industry, which had been pending for a considerable time period.

He stressed that prompt action would help safeguard the petroleum industry from further crisis and ensure its continued contribution to the national economy.

He praised the government’s policies for putting the country back on the right track, adding that the “commitment to economic stability and growth is a beacon of hope for many industries, including the petroleum industry.”

Earlier, oil refineries also called on the government to make full recovery of the actual currency exchange losses.

tribune.com.pk

PM moves to deregulate petroleum prices | The Express Tribune

Federal govt will transfer authority to set petroleum prices from government to oil marketing companies, say sources
tribune.com.pk tribune.com.pk
 
Yesterday, I was talking to my uncle, who works for a petroleum company in Pakistan. He mentioned that the price of petrol per liter is likely to rise to between 276 PKR and 350 PKR over a certain period.
 
Energy ministry calls for framework to deregulate fuel prices

The Ministry of Energy has instructed the Oil and Gas Regulatory Authority (Ogra) to finalise the framework for transferring the responsibility of determining petroleum prices to the oil industry.

In a letter issued on Wednesday, the ministry directed the Ogra chairman to convene a meeting today (Thursday) to discuss the analysis, implications, and way forward for deregulating petroleum products.

The letter referenced Prime Minister Shehbaz Sharif’s directive to delegate pricing responsibilities to oil marketing companies, but notably, the two main stakeholders — OMCs and dealers — have not been invited to the meeting.

Currently, four of the eight petroleum fuels consumed in the country — jet fuels for air force and airliners, hi-octane, and furnace oil — are deregulated, while regulated products include petrol, high-speed diesel, light diesel oil, and kerosene.

The Oil Companies Advisory Committee (OCAC) has long advocated for the phased deregulation of the petroleum fuel sector, starting with LDO and kerosene. In August 2022, the government announced that the oil industry would be given a free hand to set petroleum product prices, with the deregulation mechanism to be implemented from Nov 1 of that year.

While oil marketing companies support deregulating the remaining fuels, dealers, including petrol pump owners, vehemently oppose the move, arguing that deregulation would place their commissions under OMC control.

Presently, OMCs earn a margin of Rs7.87 per litre for both petrol and diesel, while dealers earn around Rs8.70 per litre.

Amid pressure from both OMCs and dealers to increase their margins following the recent federal budget, the energy ministry has not included representatives from either stakeholder group in today’s meeting, which will be chaired by Energy Minister Musadik Malik.

Abid Ibrahim, an industry expert and former senior executive of an international OMC, told Dawn that the government has repeatedly shown confusion over the subject in the recent past.

“Deregulation means there is no set formula or percentage for setting margins for both OMCs and dealers. The IFEM or freight margins must be independent for each company, and each company should be free to pass on its import price,” Mr Ibrahim said.

He added that one consequence of deregulation could be varying petrol and diesel prices across different parts of the country and between stations of different companies. “But the positive side is that many companies would invest in quality and service, attracting customers willing to pay more for better fuel,” he noted.

Meanwhile, some OMC officials said the sudden move by the petroleum division to call the meeting on deregulation was an attempt to counter the companies’ demands to raise their margins.

DAWN
 
Major reduction in petrol price expected from Aug 1

Following a decline in global oil prices, Pakistan is expected to see a significant reduction in petroleum product prices from August 1, ARY News reported quoting sources.

Petroleum prices likely to decrease by up to Rs11 per litre from the next fortnight

The petrol price may drop by Rs5.50 per litre, while high-speed diesel (HSD) could see a reduction of up to Rs11 per litre.

Kerosene is expected to become cheaper by Rs5.84 per litre, and light diesel oil may decrease by Rs5 per litre.

The new rates will be finalised today after getting the prime minister’s nod.

The petrol and HSD prices had increased by Rs7.45 and Rs9.56 per litre June 30. This was followed by Rs9.99 and Rs6.18 per litre increase in prices of petrol and HSD, respectively, on July 16.

Between May 1 and June 15, the prices of both products had reduced by about Rs35 and Rs22 per litre, respectively.

The government has jacked up maximum limit of petroleum levy to Rs70 per litre in the current Finance Bill

ARY NEWS
 
In a major move to ease the burden on citizens, Prime Minister Shehbaz Sharif has approved a massive reduction in the prices of petroleum products, bringing relief to consumers across the country.

According to an official notification issued by the Ministry of Finance, the price of petrol has been decreased by Rs 6.17 per liter, bringing it down to Rs 269.77. Similarly, diesel prices have been slashed by Rs 10.86 per liter, with the new price set at Rs 272.77.

The government has also provided relief to users of light diesel and kerosene. The price of light diesel has been reduced by Rs 5.72 per liter to Rs 160.53, while kerosene will now cost Rs 177.39 per liter, after a decrease of Rs 5.72.


Samaa TV
 
Petrol price to see another massive decrease

Following a decline in global oil prices, Pakistan may see another significant reduction in petrol price from August 15, ARY News reported on Monday citing sources.

Sources said that the price of petrol could decrease by over Rs9 per litre, while high-speed diesel (HSD) may see a reduction of up to Rs8.50 per litre.

Similarly, Kerosene oil is also likely to become cheaper Rs12 per litre.

The final decision on the new prices will be made by Finance Minister Muhammad Aurangzeb, in consultation with Prime Minister Shehbaz Sharif.

Previously, the federal government slashed the prices of petrol and high-speed diesel (HSD) for the next fortnight by Rs6.17 and Rs10.86, respectively.

The petrol currently being sold at Rs269.43 per liter and HSD by Rs272.77 per liter.

Kerosene oil is available at Rs177.39 per litre against its earlier price of Rs 173.48.

It is pertinent to mention here that the government is charging a Rs70 per litre petroleum levy on petrol and HSD, whereas they are exempt from the general sales tax (GST).

The Finance Bill 2024 has proposed a maximum petroleum levy limit of Rs80 per litre, aiming to collect Rs1.28 trillion in the new fiscal year.


ARY News
 
The irony is this thread was created when price was around 120+ with alot of cheekh o pukar (hue & cry) now they all are asleep like Pakistani TV channels.
 
Kianig89 said:
The irony is this thread was created when price was around 120+ with alot of cheekh o pukar (hue & cry) now they all are asleep like Pakistani TV channels.
Click to expand...
They are happy that petrol price is decreased by 9 rupees but they forgot that it has increased 100 rupees in 1 day as soon as this GOV came.
 
Govt slashes petrol price

The federal government slashed the prices of petroleum products ‘as a gift’ to the people on the eve of Independence Day, ARY News reported.

The price of petrol has been reduced by Rs 8.47 to Rs 260.96 per litre.

High-speed diesel has been reduced by Rs 6.07 per litre, making the new price Rs 266.07 per litre.

Earlier in the day, it was reported that the prices of petrol and diesel in Pakistan would be decreased by Rs 11 and Rs 7 per litre respectively.

The new prices will be in effect from Thursday, 14th August.


ARY News
 
Petrol, diesel set for third straight fortnightly cut

For the third consecutive fortnight, the prices of major petroleum products — petrol and high-speed diesel (HSD) — are estimated to drop by around Rs5-6 per litre mainly because of the lower international market for the next fortnight starting September 1.

Informed sources said the prices of petrol and HSD had decreased in the international market by $2 to $2.30 per barrel in the last fortnight. Depending on the final exchange rate calculation and existing tax rates, the prices of both petrol and HSD are projected to come down by Rs5 to 5.50 per litre.

Officials said the average price of petrol had dropped in the international market to about $80.40 per barrel from about $82.50 per barrel. Over the last fortnight, HSD declined to about $88 per barrel from $90.30.

During the current fortnight, the import premium on petrol dropped by about 50 cents per barrel to $8.50 while that on HSD remained unchanged at $5 per barrel. On the other hand, the local currency gained value against the US dollar by 25 cents during the fortnight.

The ex-depot petrol price currently stands at Rs260.96 per litre and HSD at Rs266.07 per litre. In the last pricing review, effective August 14, the government reduced the petrol and HSD prices by Rs8.47 and Rs6.70 per litre, respectively.

Thus, the total reduction in petrol and HSD prices in the last two fortnights amounted to Rs14.64 and Rs17.56 per litre, respectively, including Rs6.17 and Rs10.86 per litre on July 31.

The petrol and HSD prices increased Rs17.44 and Rs15.74 per litre in the first fortnight of July. Between May 1 and June 15, the prices of both petrol and HSD were reduced by about Rs35 and Rs22 per litre.

Petrol is mainly used in private transport, small vehicles, rickshaws, and two-wheelers, and it directly affects the budget of the middle and lower middle classes.

On the other hand, most of the transport sector runs on HSD. Its price is considered inflationary as it is mainly used in heavy transport vehicles, trains and agricultural engines like trucks, buses, tractors, tube wells and threshers and particularly impacts the prices of vegetables and other eatables.

The drop in petroleum prices is seldom reflected in fares and prices of essential commodities.

The government has jacked up the maximum limit of petroleum levy to Rs70 per litre in the finance bill to collect Rs1.28 trillion in the next fiscal year against Rs1.019tr collection during the last fiscal year, almost Rs150bn higher than the Rs869bn budget target.

Currently, the government is charging about Rs78 per litre tax on petrol and HSD. Although the general sales tax (GST) is zero on all petroleum products, the government charges Rs60 per litre PDL on both products, which usually impacts the masses.

The government also charges about Rs18 per litre custom duty on petrol and HSD, irrespective of their local production or imports. In addition, about Rs17 per litre distribution and sale margins are going to oil companies and their dealers.

On the other hand, it charges Rs50 per litre on light diesel and high octane blending components and 95RON petrol used by the wealthy in luxury imported vehicles.

DAWN NEWS
 
It's cruel that a SUV owner and a local 70cc bike owner gets fuel at same rate
 
Prime Minister Shehbaz Sharif on Saturday approved cuts in the price of petrol and high-speed diesel (HSD) by Rs1.86 and Rs3.23, respectively, for the next fortnight in a “big relief” for the masses

A statement issued by state broadcaster PTV said the petrol price was now Rs259.1 per litre and Rs262.75 for HSD.

The price of kerosene oil was also slashed by Rs2.15 to Rs169.62 per litre and light diesel oil by Rs2.97 to Rs154.05 per litre.

Prices of petrol and HSD were previously estimated to drop by around Rs5-6 per litre mainly because of the lower international market for the next fortnight starting September 1.

Informed sources had said the prices of petrol and HSD had decreased in the international market by $2 to $2.30 per barrel in the last fortnight.

Officials said the average price of petrol had dropped in the international market to about $80.40 per barrel from about $82.5 per barrel. Over the last fortnight, HSD declined to about $88 per barrel from $90.3.

During the current fortnight, the import premium on petrol dropped by about 50 cents per barrel to $8.50 while that on HSD remained unchanged at $5 per barrel. On the other hand, the local currency gained value against the US dollar by 25 cents during the fortnight.

The government has jacked up the maximum limit of petroleum levy to Rs70 per litre in the finance bill to collect Rs1.28 trillion in the next fiscal year against Rs1.019tr collection during the last fiscal year, almost Rs150bn higher than the Rs869bn budget target.

Currently, the government is charging about Rs78 per litre tax on petrol and HSD. Although the general sales tax is zero on all petroleum products, the government charges Rs60 per litre petroleum development levy on both products, which usually impacts the masses.

The government also charges about Rs18 per litre custom duty on petrol and HSD, irrespective of their local production or imports. In addition, about Rs17 per litre distribution and sale margins are going to oil companies and their dealers.

Source: Dawn News
 
Fourth straight cut likely in petrol, diesel rates

For the fourth consecutive fortnight, the prices of major petroleum products — petrol and high-speed diesel (HSD) — are estimated to go down by around Rs10 per litre from Sept 15 unless the government increases the petroleum levy.

Informed sources said the prices of petrol and HSD decreased in the international market by about $5 per barrel in the last fortnight. Depending on the final exchange rate calculation and existing tax rates, the prices of both petrol and HSD are projected to come down by Rs10-11 per litre.

However, the government could increase the rate of petroleum levy by Rs5 per litre to benefit from the lower price cushion and partially make up for FBR’s Rs100bn revenue shortfall in the first two months of the current fiscal year. In that case, the price cut would be around Rs5-6 per litre.

Officials said the average price of petrol had dropped in the international market to less than $76 per barrel from about $81 per barrel. Over the last fortnight, HSD declined to about $83 per barrel from $88.5. During the current fortnight, the import premium on petrol and HSD remained generally stable at $8.5 and $5 per barrel, respectively. On the other hand, the exchange rate remained range-bound.

The ex-depot petrol price currently stands at Rs259.1 per litre and HSD at Rs262.75 per litre. In the last pricing review, effective September 1, the government reduced the petrol and HSD prices by Rs1.86 and Rs3.32 per litre, respectively. Thus, the total reduction in petrol and HSD in the last three fortnights amounted to Rs16.50 and Rs19.88 per litre, respectively.

The petrol and HSD prices were increased by Rs17.44 and Rs15.74 per litre, respectively, in the first fortnight of July. Between May 1 and June 15, the prices of both petrol and HSD were reduced by about Rs35 and Rs22 per litre, respectively.

Petrol is primarily used in private transport, small vehicles, rickshaws, and two-wheelers, and it directly affects the budget of the middle and lower middle classes. On the other hand, most of the transport sector runs on HSD. Its price is considered inflationary as it is mainly used in heavy transport vehicles, trains and agricultural engines like trucks, buses, tractors, tube wells and threshers and particularly impacts the prices of vegetables and other eatables. The drop in petroleum prices is seldom reflected in fares and prices of essential commodities.

The government has jacked up the maximum limit of petroleum levy to Rs70 per litre in the finance bill to collect Rs1.28 trillion in the next fiscal year against Rs1.019tr collection during the last fiscal year, almost Rs150bn higher than the Rs869bn budget target.

Currently, the government is charging about Rs78 per litre tax on petrol and HSD. Although the general sales tax (GST) is zero on all petroleum products, the government charges Rs60 per litre PDL on both products, which usually impacts the masses. The government also charges about Rs18 per litre custom duty on petrol and HSD, irrespective of their local production or imports. In addition, about Rs17 per litre distribution and sale margins are going to oil companies and their dealers.

On the other hand, it charges Rs50 per litre on light diesel and high octane blending components and 95RON petrol used by the wealthy in luxury imported vehicles.

Petrol and HSD are the major revenue spinners, with their monthly sales of about 700,000-800,000 tonnes compared to just 10,000 tonnes demand for kerosene.

DAWN NEWS
 
Petrol price likely to be slashed by Rs12

Federal Minister for Petroleum, Musadik Masood Malik, stated that Pakistanis will benefit from the decline in international petroleum prices but will also bear the burden when prices rise.

Responding to a question in the National Assembly, the minister said that price fluctuations in the international market lead to speculation, making it too early to predict petroleum prices for the next fortnight.

"We often receive support from Saudi Arabia through oil on deferred payments," Malik noted, adding that domestic oil prices are determined by global market trends.

He highlighted, "We buy petroleum products against dollars and sell in rupees. Since the inception of the incumbent government, the dollar-rupee parity has stabilised.

The minister pointed out the petrol price was slashed by Rs47 per litre since May, adding there is a gradual decline in the smuggling of Iranian petrol. He said there are no criteria to regularise the smuggling, adding the country has 21-day strategic stock of petroleum products.

To a question, he said the country's gas reservoirs are depleting by the day. If additional connections are granted, it will lead to a severe gas crisis in the country. "You are not ready to pay the cost of imported gas," said Malik, adding the previous government imposed restriction on new gas connections, which was the right decision.

He said smuggling cannot be legalized, adding bringing things to the country without paying taxes is illegal. However, the minister said if the house declares smuggling as legitimate, the government will allow it.

Meanwhile, in view of bearish trend at the international market, the petrol price is likely to go down by Rs12 per litre.

The sources said, it is estimated that the diesel price will be slashed by Rs12 per litre and the kerosene oil price by Rs8 per litre.

The final price is likely to be determined on the basis of oil prices at the international market from September 12 to September 14, said the sources.


tribune.com.pk

Petrol price likely to be slashed by Rs12 | The Express Tribune

Petrol price likely to be slashed by Rs12
tribune.com.pk tribune.com.pk
 
Where is @Major now? He used to cry a lot about how IK raised all the prices and he had to reduce his entertainment budget.
 
Stewie said:
Where is @Major now? He used to cry a lot about how IK raised all the prices and he had to reduce his entertainment budget.
Click to expand...
@Major is now supporting the Junta and their puppet Qazi. We always knew that these guys were just blowhards that had no principles, and were fighting to maintain the mafia rule. And so it proved. Qazi will get his extension, being on his knees and begging has worked and PK will suffer for generations to come.
 
Bewal Express said:
@Major is now supporting the Junta and their puppet Qazi. We always knew that these guys were just blowhards that had no principles, and were fighting to maintain the mafia rule. And so it proved. Qazi will get his extension, being on his knees and begging has worked and PK will suffer for generations to come.
Click to expand...
I guess Major is happy if we cannot buy his moong phali and meethi reyorian from the Bazar on winter nights. and he is not cursing out the current establishment rule.. pehlay to kaafi tangi mein that bechara.
 
The government has reduced the prices of petroleum products, providing some relief to consumers across the country, ARY News reported on Sunday.

As per the sources, the price of petrol has been cut by Rs 10 per litre, while diesel has seen a reduction of Rs 13.6 per litre.

In addition, the price of light diesel has been lowered by Rs 12 per litre, and kerosene prices have been reduced by Rs 11 to Rs 15 per litre.


ARY News
 
Petrol price in Pakistan may drop again from October 1

Petrol and diesel prices in Pakistan are expected to see a reduction starting October 1, 2024, as the government considers passing on relief to consumers following a significant decline in global oil rates.

Sources privy to the matter said with the matter revealed that while discussions are underway, the exact figures for the upcoming price adjustment have yet to be finalized.

Globally, Brent crude oil prices have experienced a decline of approximately $0.50, settling at around $72.27 per barrel. Meanwhile, US crude oil prices have decreased by 37 cents. This downward trend in global oil prices has created an optimistic outlook for Pakistani consumers, as it signals potential relief at the fuel pumps.

In light of these developments, consumers are advised to remain patient and await official confirmation from the government regarding the adjustments in petrol and diesel prices.

The federal government reviews and adjusts fuel prices biweekly, taking into account fluctuations in international oil prices, exchange rates, and domestic demand.


www.samaa.tv

Latest: Petrol price in Pakistan may drop again from October 1

The government is expected to reduce petrol and diesel prices in Pakistan starting October 1, 2024, due to a decline in global oil rates. The exact figures for the price adjustment are yet to be finalized.
www.samaa.tv www.samaa.tv
 

Govt likely to keep petrol price unchanged for next fortnight​

ISLAMABAD: The government is likely to maintain the price of petrol from October 1, 2024, for the next fortnight as it has been worked out slightly upward by Rs0.11 per litre, The News reported on Saturday.

Meanwhile, the price of high-speed diesel (HSD) is estimated to decrease by Rs2.11 per litre starting from October 1, 2024.

The government, however, may make slight adjustments in the next fortnight, beginning from October 16, 2024.

Previously, the prices of petrol were decreased by Rs10 per litre owing to a drop in fuel rates in the international market during the past fortnight.

"The Oil and Gas regulatory Authority (Ogra) has worked out the consumer prices of petroleum products, based on the price variations in the international market," a statement released by the Finance Division read.

The government also reduced price of HSD from Rs262.75 to Rs249.69 after a reduction of Rs13.06 per litre.

Petrol is mainly used in private transportation, small vehicles, rickshaws, and two-wheelers. Higher fuel prices significantly impact the budgets of those belonging to the middle and lower-middle classes, who primarily use petrol for commuting. On the other hand, a significant portion of the transport sector relies on high-speed diesel.

Its price is considered inflationary since it is predominantly used in heavy goods transport vehicles, trucks, buses, trains, and agricultural machinery such as tractors, tube wells, and threshers.

The consumption of high-speed diesel particularly contributes to the increased prices of vegetables and other food items.

Source: GEO
 
Govt reduces petrol and diesel prices

The government has announced a reduction in petroleum prices, offering some relief to the public, ARY News reported on Monday.

As per the notification, the price of petrol has been decreased by Rs 2.7 per liter, bringing the new price to Rs 247.03 per liter.

High-speed diesel saw a reduction of Rs 3.40 per liter, while light diesel has been lowered by Rs 1.30 per liter. Kerosene oil prices have also been reduced by Rs 3.57 per liter.

This decision aims to ease inflationary pressure on consumers amidst rising fuel costs globally.


ARY News
 
Petrol prices set for major hike from October 16

Petrol prices are set to increase in Pakistan in line with the upward trend in the global market, ARY News reported on Friday citing sources.

According to official sources, the cost of major petroleum products, including petrol and high-speed diesel (HSD), is expected to rise by around Rs5.50 and Rs13 per litre, respectively, starting October 16.

Currently, petrol’s average price in the international market has risen to nearly $79 per barrel, up from about $76, while HSD has climbed from $80.5 to approximately $87.5 per barrel.

Despite these international price hikes, the import premium for both petrol and HSD remained stable at $8.7 and $5 per barrel, respectively, with the exchange rate remaining relatively consistent during this period.

Moreover, the government is likely to increase the profit margin for oil companies by Rs1.35, raising it to Rs9.22 per litre. For petrol dealers, the proposed increase is Rs1.40, bringing their margin to Rs10.04 per litre.

Earlier, on October 1, the government had cut the price of petrol by Rs2.07 per litre for the next fortnight, bringing the rates down from Rs249.10 to Rs247.03 per litre.


ARY News
 
Prime Minister Shehbaz Sharif-led government on Tuesday announced that the price of petrol would remain unchanged, while the price of high-speed diesel (HSD) was raised by Rs5 per litre for the next fortnight.

According to a notification issued by the Finance Ministry, "The Oil & Gas Regulatory Authority (OGRA) has worked out the consumer prices of petroleum products, based on the price variations in the international market."

It added the prices of petroleum products for the next fortnight, starting from 16th October 2024.


Samaa TV
 
Petroleum prices expected to drop from Nov 1

The prices of petroleum products in Pakistan are expected to decrease by Rs2 to Rs3 per liter starting November 1, influenced by declining global market trends.

Sources indicate that the average global price of petrol has dropped to $76 per barrel, down from $77.5, while high-speed diesel prices fell from $86.5 to $84 per barrel over the past 15 days.

The reduction comes after the government previously raised the price of high-speed diesel by Rs5 per liter on October 15, while maintaining the price of petrol.

The possible decrease from November 1 follows earlier price cuts on September 30, when the government reduced petrol by Rs2 per liter and high-speed diesel by Rs3.40.

Currently, the government applies a substantial tax load on petroleum products, including a Rs60 petroleum development levy and Rs16 customs duty per liter, adding up to Rs76 in total taxes per liter for both petrol and diesel.

Distribution and sales margins, totaling approximately Rs17 per liter, are collected by oil companies and dealers.


Samaa TV
 

PSO teeters on the edge of default as circular debt reaches whooping Rs782bn​


The Pakistan State Oil (PSO) on Wednesday reported to have accrued as much as Rs782 billion in cumulative circular debt, landing itself in acute payment crisis alongside twin circular debts of electricity and gas sectors.

According to sources, the PSO has yet to receive a staggering amount of Rs782 billion - Rs472 billion principal amount and Rs309 billion late payment surcharge.

These figures contradict the estimates shared by the Petroleum Division which allegedly provided tampered details of debts facing the PSO.

During a recent meeting with the National Assembly committee, the Petroleum Division said the PSO had Rs516 billion in debts when asked about the details of the seemingly insurmountable debt faced by the national oil distribution company.

Sources told Dunya News that the Sui Northern Gas Pipelines Limited (SNGPL) had to clear Rs497 billion of the PSO.

In addition, the national grid stations and Central Power Purchasing Agency (CPPA) was defaulting on Rs156 billion of the PSO whereas the national flag carrier Pakistan International Airlines (PIA) had to pay Rs29.24 billion to the PSO.

The Hub Power Company Limited (HUBCO) was also running short on a payment amounting more than Rs29 billion.

Meanwhile, the PSO had also written a letter to the Ministry of Finance in which it expressed its predicament of facing huge trouble in opening the Letter of Credit (LC).

GOVT’S EFFORTS OF PRIVATISATING LOSS-MAKING SOEs

It must be noted that soon after taking up the reins of the government, the Pakistan Muslim League-Nawaz (PML-N) expedited its efforts to sell most of the state-owned enterprises.

Various meetings were held by the relevant authorities of the government to sell the family silver including the PIA, Pakistan Railways and all three major airports of the country.

The state-owned enterprises are heavily debt-ridden which made the federal government mull over privatisation of these entities after getting satisfactory prices from the bidders.

The bidding process in this regard is yet to start.

dunyanews.tv

PSO teeters on the edge of default as circular debt reaches whooping Rs782bn

PSO teeters on the edge of default as circular debt reaches Rs782bn
dunyanews.tv dunyanews.tv
 

Hafiz Naeem demands Rs30 per litre cut in petrol prices amid falling crude oil costs​


As reported by Express News on Wednesday, he emphasised that the government is currently imposing an additional tax of PKR 60 per litre under the petroleum levy, describing it as an unjust tax.

Rehman asserted that eliminating this illegitimate tax could enhance economic activity in the country. He called on authorities to take immediate action in response to the decreasing global oil prices to alleviate the financial burden on consumers.

Earlier on October 15, the government announced a Rs5 per litre increase in the price of high-speed diesel (HSD), citing fluctuations in the international market.

However, the price of petrol was maintained at Rs247.03 per litre for the following two weeks. It is anticipated that the government may reduce prices for the upcoming fortnight starting November 1.

Source: The Express Tribune
 
IMF proposes general sales tax on petroleum products in Pakistan: report

The International Monetary Fund has proposed that Pakistan impose a general sales tax (GST) on petroleum products, alongside a suggestion to raise the levy to Rs70, as the two sides begin talks in Islamabad, Dawn News reported.

An IMF delegation led by Pakistan Mission Chief Nathan Porter arrived in Pakistan on Monday and engaged in technical discussions on the first day.

In September, the IMF’s Executive Board approved a new $7 billion, 37-month loan agreement for Pakistan that requires “sound policies and reforms” to strengthen macroeconomic stability. The approval released an immediate $1 billion disbursement to Islamabad.


english.aaj.tv

IMF proposes general sales tax on petroleum products in Pakistan: report

Pakistan negotiates tax reforms with IMF delegation in Islamabad
english.aaj.tv
 
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