Tag: petrol

Mar182023 by Waqas-ChNo Comments

Petroleum product import falls 5% to $1.26b

KARACHI: Pakistan’s import of petroleum products, which is the largest contributor to its total import bill, has decreased by 5% to $1.26 billion in February compared to the previous month of January, according to official data reported on Friday. However, despite the decline, it still accounts for almost one-third of the country’s import bill. Speaking to The Express Tribune, Arif Habib Limited Head of Research Tahir Abbas said, “The drop in commodity import is attributed to a decrease in demand due to a massive rupee depreciation and the imposition of new taxes on the recommendation of the International Monetary Fund (IMF).” “The rupee has depreciated by 60% in the last year to Rs282 against the US dollar. The government has also imposed a petroleum development levy of Rs50 per lit...

Mar172023 by Waqas-ChNo Comments

Petrol, Diesel Prices In India Unlikely To Be Cut Despite Cheaper Crude Oil: Report

Business

There were expectations in the market that the fuel prices in India might reduce on the back of cheaper crude oil now.It may take a long time for the oil marketing companies to recoup losses worth over Rs 18,000 crore, according to a reportPrices of petrol and diesel in India are unlikely to be reduced anytime soon as oil marketing companies (OMCs) have to recover accumulated losses of Rs 18,000 crore due to high crude prices in earlier quarters, according to a CNBC-TV18 report quoting sources. There were expectations in the market that the fuel prices in India might reduce on the back of cheaper crude oil now.Following bank collapses in the US including Silicon Valley Bank and Signature Bank, brent crude oil prices have fallen to $75.03 per barrel, compared with over $100 per dollar a ...

Mar162023 by Waqas-ChNo Comments

Govt jacks up petrol price by Rs5

Business

The government raised the price of petrol to Rs272 per litre, adding pressure on the inflation-weary people. The Finance Division, in its fortnight bulletin, attributed the price hike to the depreciation of the Pakistani rupee against the US dollar and an increase in the prices registered by Platts Singapore. “Accordingly the price of MS(Petrol) has increased by Rs5 per litre and the price of hi-speed diesel has increased by Rs13 per litre,” the notification read. The increase in the price of Kerosene oil has been kept at Rs2.56 by reducing the government’s dues on it. Similarly, the price of light diesel oil has been kept constant by adjusting the government dues as well. The new prices will come into effect from 12am (March 16) and remain in place till March 31. On February 28, the...

Mar162023 by Waqas-ChNo Comments

Govt jacks up petrol price by Rs5

Business

ISLAMABAD: Owing to the increase in oil prices in the international market and depreciation of the Pakistani rupee, the federal government on Wednesday raised the price of petrol by Rs5 per litre effective immediately. “In the last fortnight, Platts Singapore prices registered an increase. This along with a depreciation of Pak Rupee has resulted in an increase of POL products in Pakistan,” the finance ministry said a press statement. According to the ministry, petrol will now be available at Rs272 per litre, as compared to its previous price of Rs267 per litre. Likewise, the government enhanced high-speed diesel (HSD) prices by Rs13, from Rs280 per litre to Rs293 per litre. Read more: Petrol price slashed by Rs5 per litre The prices of kerosene oil have been increased by Rs2.56, from...

Mar102023 by Waqas-ChNo Comments

Petrol, Diesel Fresh Prices Announced; Check Rates Of Fuels In Your City

Business

Last Updated: March 10, 2023, 09:42 ISTCheck latest fuel rates in different cities on March 10Mumbai saw the highest prices with petrol priced at Rs 106.31 per litre. Diesel here cost Rs Rs 94.27 per litreIndia, like many countries around the world, heavily relies on fossil fuels to power its transportation sector. Petrol and diesel, the two most commonly used fuels in the nation, have remained at a stable price for the past 9 months. The rates of these fuels have become immune to exchange rate and supply and demand fluctuations owing to the price freeze put in place by Indian Oil Marketing Companies (OMCs). The OMCs, who usually updated prices according to the latest market trends every morning at 6 am, have kept the rates stable to recover the losses incurred in the past few quarters...

Mar12023 by Waqas-ChNo Comments

Petrol price slashed by Rs5 per litre

Business

ISLAMABAD: The government on Tuesday reduced the price of petrol by Rs5 per litre with effect from March 1 (today). However, despite the prediction of a drop in diesel price, the government kept it unchanged in order to raise the petroleum levy rate. The price of kerosene oil also witnessed a drop of Rs15 per litre. Petroleum Products Prices:March 1 to 15 , 2023:High Speed Diesel- with No change Rs 280 per litreMS Petrol —with Rs 5 reduction,Rs 267 per litreKerosene Oil - with Rs 15 reduction, Rs 187.73 per litreLight Diesel Oil -with Rs 12 reduction, Rs 184.68 per litre — Ishaq Dar (@MIshaqDar50) February 28, 2023 The light diesel oil (LDO) price also saw a major drop of Rs12 per litre. The government reduced the petrol price as it was already charging Rs50 per litre petroleum le...

Feb102023 by Waqas-ChNo Comments

Govt plans crackdown against fuel hoarders

Business

ISLAMABAD/LAHORE: In view of the brewing fuel crisis in the country, the federal government has mandated the administrative authorities and law enforcement agencies to launch a crackdown against the hoarders who have been creating an artificial shortage of the petroleum products amid expectations of hike in their prices next week. The Federal Investigation Agency (FIA) has constituted teams of senior officers across the country to take action against those who have been stocking petrol, including the oil marketing companies. A senior official while talking to The Express Tribune maintained that the teams had been formed at the zonal level and hoarders would be taken to task “without any discrimination”. The authorities will also inspect the filling stations and take “strict” legal...

Jan292023 by Waqas-ChNo Comments

Govt jacks up petrol price by Rs35

Business

Finance Minister Ishaq Dar announced an increase in petrol and diesel prices by Rs35 per litre effective as of 11 am on Sunday. The minister made the announcement in a brief televised address to the nation today and maintained that Kerosene oil and light diesel oil prices were jacked up by Rs18 per litre. Rejecting reports of petroleum shortages, Dar alleged that “artificial shortages” were being created. “Ample fuel is available and under normal circumstances, there would be no reason for such shortages to occur,” he said. Read Import substitutes to help cushion inflation impact “On social media, it was reported that [fuel prices] were to be jacked up by Rs47-80 which unfortunately became an incentive for them [hoarders],” he added, "because of this, we have received reports of artif...

Jan292023 by Waqas-ChNo Comments

Government announces 35-rupee hike in petrol prices

Business

Finance Minister Ishaq Dar on Sunday morning announced an Rs35 increase in the prices of petrol and diesel, which will be applicable from 11am today. The new price of petrol will be Rs249.80. The new price of diesel will be Rs262.80. The prices of kerosene and light diesel will increase by Rs18. The increase comes after reports of petrol shortage in many parts of the country on Sunday morning. Prices normall go into effect at midnight after a few hours notice but the latest increase came into effect on midday with the minister’s announcement. The increase is being related to IMF conditions, which have been imposed to resume a stalled bailout programme. An IMF team is expected to arrive in Islamabad for negotiations on January 31. In a televised address, Dar said that speculation was r...

Jan242023 by Waqas-ChNo Comments

OGRA denies reports of petrol shortage in country

Business

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Tuesday strongly refuted reports of petrol and diesel shortage in the country, saying that there is sufficient stock. According to OGRA spokesman Imran Ghaznavi, the country has enough reserves available to meet 17 days of petrol and 32 days of diesel demand. Ghaznavi said that ships with 100,000 metric tonnes of petrol are at the berth, adding that local refineries are playing an active role in meeting the demand for petroleum products. Earlier, the Petroleum Division warned the central bank that the stocks of petroleum products may dry up as banks are refusing to open and confirm Letters of Credit (LCs) for imports. Like other sectors, the oil industry in Pakistan is facing hurdles to opening LCs owing to the US dollar short...