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.


READ MORE NEWS…


2022 CARS (13) 2022 News (22) 2022 Tech News (13) 2024 Car Price In Pakistan (16) apple (25) Apple Inc (15) Automotive Blogs (14) Automotive News (229) Automotive News Pakistan (20) Auto News (151) Auto Sector (12) Blogs (11) car news (26) Car Prices (12) cars (46) cars of pakistan (47) Cricket (12) electric cars (13) entertainment news (15) F1 (23) F1 News (11) Formula 1 (12) Honda (12) Hyundai (12) Imran Khan (19) Imran Khan News (18) mg (14) MG Pakistan (17) new cars (34) news (377) news pakistan (16) News Update (22) pakistan automotive news (11) Pakistan Government (41) Pakistan News (77) PCB (23) proton (13) proton pakistan (15) PTI (22) Sports News (45) suzuki (18) Suzuki Pakistan (11) Tech News (69) Toyota (16) World News (15)

Pakistan News

Petroleum Prices Further Jacked Up

Petroleum Prices Further Jacked Up

July 1, 2022 / By Zunair Tahir / Pakistan News



Miftah Ismail, the finance minister, stated on Thursday that the International Monetary Fund (IMF) programme must be revived despite the rise in petroleum development levies of Rs. 10 on gasoline and Rs. 4 on diesel.

The finance minister, who spoke at the news conference alongside Musadik Malik, stated that the new price of gasoline will be Rs 248.75 after midnight following PDL’s Rs 10 per litre rise and Rs 4.85 increase in its price.


Petroleum Price in Pakistan Today

PRODUCTPRICES
PetrolPKR 248.74
High Speed Diesel (HSD)PKR 276.54
Light Diesel Oil (LDO)PKR 230.26
Kerosene OilPKR 211.43

Following a rise of Rs 8.23 in price and Rs 5 in tax, he stated that diesel, which was already priced at Rs 263, would now cost Rs 276.54 per liter.

Similarly, he stated that light diesel, whose price was Rs 207, would be Rs 226.15 per liter after 12am as a result of a hike of Rs 13.68 in price and Rs 5 tax. Kerosene oil, whose price was Rs 211, would now be Rs 230 following an increase of Rs 18 in price and Rs 5 PDL per liter.

Ismail stated that these rates will go into effect at midnight in order to make up for a deficit of Rs 230 billion during the fiscal year that ended on June 30th, 2022.

These costs have to go up because of the nation’s unprecedented high budget deficit of Rs. 5 trillion.

He claimed that although the administration made every effort to alleviate the situation, there was no choice but to raise prices because of the sharp rise in costs.

READ MORE: 2022 CAR PRICE LIST IN PAKISTAN

These levies were required because the government reinstated the IMF’s EFF program, which had been broken by the previous administration and whose time frame and funding had both been raised. The initiative would now last four years and include an increase of $2 billion over its initial budget.

According to Musaddiq Malik, the Oil and Gas Regulatory Authority (OGRA) Ordinance was amended by Imran Khan’s previous administration to allow the regulator to pass on set gas rates to the general public in 40 days.

He said that the division had sought advice from oil refineries about the possibility of importing oil from Russia. He insisted that the Russian envoy had previously confirmed Imran Khan’s earlier claim that PTI was in talks with Russia over the acquisition of cheaper oil.

He said that the government will soon begin importing coal from Afghanistan and that vehicles needed for electricity generating would receive Pakistani visas at the border.

He said that the government was in talks with a number of foreign nations for a long-term LNG deal since spot purchases were extremely expensive and the government had to reject one LNG proposal for the July window.


READ MORE NEWS…


2022 CARS (13) 2022 News (22) 2022 Tech News (13) 2024 Car Price In Pakistan (16) apple (25) Apple Inc (15) Automotive Blogs (14) Automotive News (229) Automotive News Pakistan (20) Auto News (151) Auto Sector (12) Blogs (11) car news (26) Car Prices (12) cars (46) cars of pakistan (47) Cricket (12) electric cars (13) entertainment news (15) F1 (23) F1 News (11) Formula 1 (12) Honda (12) Hyundai (12) Imran Khan (19) Imran Khan News (18) mg (14) MG Pakistan (17) new cars (34) news (377) news pakistan (16) News Update (22) pakistan automotive news (11) Pakistan Government (41) Pakistan News (77) PCB (23) proton (13) proton pakistan (15) PTI (22) Sports News (45) suzuki (18) Suzuki Pakistan (11) Tech News (69) Toyota (16) World News (15)

PreviousNext

You Want To Have Your Favorite Car?

We have a big list of modern & classic cars in both used and new categories.

Select the fields to be shown. Others will be hidden. Drag and drop to rearrange the order.
  • Image
  • SKU
  • Rating
  • Price
  • Stock
  • Availability
  • Add to cart
  • Description
  • Content
  • Weight
  • Dimensions
  • Additional information
Click outside to hide the comparison bar
Compare
X