Pakistan News

Government Permits ‘Sky High’ Increase In Gasoline Prices

Government Permits ‘Sky High’ Increase In Gasoline Prices

January 30, 2023 / By Zunair Tahir / Pakistan News


Finance Minister Ishaq Dar explains that the price of gasoline and high-speed diesel increased by 35 rupees per litre, that the price of kerosene oil has increased to 189.83 rupees per litre, and that the price of light diesel oil has increased to 187 rupees per liter. He also notes that on the instructions of the Prime Minister, the price of gasoline remained unchanged for the previous four months.

Due to an increase in the price of oil on the worldwide market and the devaluation of the Pakistani rupee against the US dollar, the government has increased the price of gasoline and high-speed diesel (HSD) by Rs 35/liter each.

PRODUCTNEW PRICES
PetrolPKR 249.80
High Speed Diesel (HSD)PKR 262.80
Light Diesel Oil (LDO)PKR 187.00
Kerosene OilPKR 189.83

Ishaq Dar, the federal minister of finance, announced a hike in the price of all petroleum products, including gasoline, high-sulfur diesel, kerosene, and light diesel oil, in a brief televised address on Sunday morning (LDO). The price of gasoline and diesel would rise by 35 rupees per liter, the minister announced. He announced an increase of Rs 18 per liter in the price of light fuel and kerosene.

High speed diesel now costs Rs 262.80 per liter as opposed to Rs 227.80 per liter before the hike. From an early price of Rs 214.80/liter, the price of motor spirit/petrol reached a record high of Rs 249.80/liter. Kerosene oil’s price has increased from Rs. 171.83/liter to Rs. 189.83/liter. Light diesel oil now costs Rs 187 per liter as opposed to Rs 169 per liter.

Ishaq Dar recalled that the price of gasoline did not increase during the previous four months, from October to January 29. He also said that kerosene and diesel costs have been reduced.

Last week, the Pakistani rupee lost about 12 percent of its value versus the US dollar, while oil prices rose 11 percent globally. On the instructions of Prime Minister Shehbaz Sharif, it has been agreed to make a modest rise in the pricing of petroleum products notwithstanding international prices and currency depreciation, the finance minister stated. Dar stated that the hike is being implemented right away after the oil and gas regulatory authority’s proposal (OGRA).

OGRA claims that there have been complaints of false shortages and gasoline stockpiling in anticipation of price increases; as a result, this price increase is being implemented right away to address the artificial scarcity, the official stated. By 11 a.m., the revised pricing would go into effect in the following two to three minutes, according to Dar.
The minister anticipated that announcing increased pricing would put an end to rumor’s that gasoline supplies were running low. Due to the nation’s oil scarcity, the administration decided to modify fuel prices three days before the revision was supposed to take place on January 31.

Petrol stations all around the country stopped selling fuel on Saturday as a result of rumours that the price of gasoline and HSD will increase by up to Rs80 per litre. Rumors of a significant increase in oil prices for the upcoming two weeks led to stockpiling at gas stations and the artificial closure of more than 80% of gas stations in various parts of the nation.

According to a government source, the government computed the price of oil using oil prices up until October 27 and the average rupee conversion rate of Rs 236 per dollar.

The revised pricing are valid through February 15, 2023.

Fiscal restraint is necessary for the nation’s development and can only be achieved when democracy is stabilised, according to Finance Minister Ishaq Dar, who earlier made this statement at the conclusion of the two-day Bacha Khan Conference.

He stated that we need to stop depending on foreign help. He said that the late Bacha Khan had advocated for using native resources rather than ones that were imported.

Senator Yusuf Raza Gillani, a former prime minister and the head of the Pakistan People’s Party, had before urged adherence to the Constitution to uphold the rule of law and enhance democracy in the nation.


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Pakistan News

In Pakistan, Petrol Prices May Decrease By Rs.5 & Diesel Prices By Rs.15

In Pakistan, Petrol Prices May Decrease By Rs.5 & Diesel Prices By Rs.15

September 27, 2022 / By Zunair Tahir / Pakistan News


Due to a substantial reduction in POL rates in foreign markets, petroleum product prices are expected to drop by up to Rs 15 starting on October 1st, according to industry sources on Tuesday.

According to estimations made by specialists in the oil business, the price of diesel may drop by Rs. 15 and that of gasoline may drop by Rs. 5 during the course of the next two weeks.

  • POL costs are anticipated to decline starting on October 1.
  • The cost of diesel may decrease by Rs 15.
  • Prices for gas might be reduced by Rs5.

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They stated that the new price will be determined based on the price of oil on the global markets through September 29.

“The POL prices will drop if the government chooses to keep the fuel levy at the existing percentage,” they continued.

The government is required to charge a fee on petroleum products as part of an agreement with the International Monetary Fund (IMF).

The application of a petroleum levy on gasoline is now set at Rs37.50 per liter and on diesel at Rs7.50 per litre, according to a notification released on September 1.

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On September 21, the government raised the price of gasoline from Rs235.98 to Rs237.43 while maintaining the price of High-Speed Diesel (HSD) at Rs247.43.

Kerosene’s price was cut by Rs. 8.30, from Rs. 210.32 to Rs. 202.02, while light diesel oil’s price was cut by Rs. 4.26, from Rs. 201.54 to Rs. 197.28.


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Pakistan News

The Government Has Increased The Price Of Petroleum By PKR. 30

The Government Has Increased The Price Of Petroleum By PKR. 30

May 27, 2022 / By Zunair Tahir / Pakistan News


Miftah Ismail, the Finance Minister, stated on Thursday that the government has decided to raise the price of petroleum products by Rs. 30 per liter, effective at midnight.

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“From Friday, May 27, 2022, the government has decided to hike the costs of Petrol, High-Speed Diesel, Kerosene Oil, and Light Diesel Oil by Rs. 30 per liter. At 12 a.m., the new pricing will take effect. “The new price of petrol will be Rs. 179.86 per liter, and the new price of diesel will be Rs. 174.15 per liter,” the Finance Minister tweeted.

Prime Minister Shehbaz Sharif, according to the Finance Minister, made this difficult decision in the national interest. He stated that imposing such a burden on the general population is a difficult decision for the government to make.

Miftah stated that the decision was made in order to resurrect the International Monetary Fund’s $6 billion bailout package (IMF).

The rise comes only one day after the government and the IMF failed to reach a deal on a financial bailout due to the former’s unwillingness to reverse fuel and power subsidies, causing budget uncertainty for fiscal year 2022-23.


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According to a news statement from the Finance Division, sustaining current petroleum product prices at current subsidized rates is continually growing the government’s twin deficit while also creating significant dangers to the energy supply chain.

Oil Marketing Companies (OMCs) and refineries are having trouble acquiring international bank confirmation for LCs/SBLCs, local banks’ unwillingness to open LCs, and importers’ issues securing insurance coverage for particularly high-priced cargoes, according to the statement.

“The government has decided to adjust the present petroleum product pricing in order to rationalize petroleum product costs.” Prices for petroleum goods have been raised in part to make them affordable, according to the statement.

With a Rs. 30 per liter hike across the board, the new price of fuel will be Rs. 179.86 per liter, up from Rs. 149.86 per liter previously. High-speed diesel will now cost Rs. 174.15 per liter, up from Rs. 144.15 per liter previously. According to the Finance Division, the new price of kerosene will be Rs. 155.56 per liter, up from Rs. 125.56, and the new price of light diesel oil would be Rs. 148.31 per liter, up from Rs. 118.31 per liter.


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