As of April 28, 2023, the prices of petroleum products in Pakistan are as follows: MS (Petrol) – Rs282 per liter, High Speed Diesel Oil (HSD) – Rs293 per liter, Kerosene (SKO) – Rs186.07 per liter, and Light Diesel Oil (LDO) – Rs174.68 per liter.
(more…)Tag: high speed diesel
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Pakistan keeps prices of petrol, HSD unchanged till December 15, 2022
ISLAMABAD: Pakistan on Wednesday kept the prices of petrol and high speed diesel (HSD) for next fortnight starting December 01, 2022.
However, the prices of kerosene oil and light speed diesel (LDO) reduced by Rs10 per liter and Rs7.5 per liter, respectively.
READ MORE: Pakistan to decide petroleum prices effective from December 01, 2022
Finance Minister Ishaq Dar in a press conference announced the revision in petroleum prices for the period December 01 to 15, 2022.
Previously, on September 30, 2022 the government made changes in petroleum prices.
READ MORE: Pakistan may impose petroleum tax to avert revenue shortfall
The new prices of petroleum products for next fortnight will be as follow:
The prices of petrol and HSD shall be Rs224.80 per liter and Rs235 per liter, respectively.
However, the rate of kerosene shall be reduced by Rs10 to Rs181.83 per liter from Rs191.83. Similarly, the price of LDO shall be reduced by Rs7.50 to Rs179 per liter from Rs186.50.
READ MORE: Petroleum prices in Pakistan for next fortnight effective from November 16, 2022
The benchmark Brent crude oil ended at $83.19 a barrel on November 28, 2022, having slumped more than 3 per cent to $80.61 earlier in the session for its lowest since January 4, 2022.
The Brent crude has hit above $120 per barrel during mid-June this year and now fell to the present level leaving ample room to the present government to revise downward the prices to provide relief the domestic consumers.
READ MORE: Petroleum prices in Pakistan effective from November 01, 2022
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Pakistan reviews petroleum prices for next fortnight amid PTI’s long march
ISLAMABAD: Pakistan is set to review petroleum prices on October 31, 2022, as the government is facing challenges including long march initiated by leading opposition party and rising benchmark Brent crude rates in international markets.
The present coalition government led by PML-N is under immense pressure since coming into power in April 2022. This government is mainly criticized for sky rocket prices of all essential items bringing inflation to record levels. The present government has opportunity to attract masses by allowing sharp cut in petroleum prices for the next fortnight starting from November 01, 2022.
READ MORE: Pakistan keeps petroleum prices unchanged from October 16, 2022
On the other hand, Imran Khan, Chairman, Pakistan Tehreek I Insaaf (PTI) launched long march on October 28, 2022 from Lahore demanded the present government to announce general election as the country on the brink of default and masses were witnessing the brunt of high prices.
The present government has annoyed people through its last decision to keep the prices of petroleum products unchanged. Experts had opinion that the government had room to give benefit by slashing the prices.
However, the prices were kept unchanged from October 16, 2022 at the level of October 01, 2022. Previously, on September 30, 2022 following changes in petroleum prices were announced:
The rate of petrol has been reduced by Rs12.63 per liter to Rs224.80 from Rs237.43.
The price of high speed diesel has been cut by 12.13 per liter to Rs235.30 from Rs247.43.
The rate of Kerosene oil has been slashed by Rs10.19 to Rs191.83 from Rs202.02.
The price of light diesel oil has been reduced by Rs10.78 to Rs186.50 from Rs197.28.
READ MORE: Pakistan sharply reduces petroleum prices from October 01, 2022
The experts believed that now the government would have fewer options to cut the prices of petroleum products due to rising global oil prices and depreciation in currency value at home.
Benchmark US Brent soared to $95.77 per barrel as of October 28, 2022. The commodity witnessed an increase of over $5 during the month of October 2022.
Pakistan is the net importer of petroleum products to meet the domestic demands. Oil import bill of the country went up to $4.86 billion during first quarter (July – September) of the current fiscal year as compared with $4.59 billion in the corresponding quarter of the last year.
On the other hand the rupee once against started depreciation due to political instability and falling foreign exchange reserves. Although, the SBP recently received $1.17 billion from the International Monetary Fund (IMF) to buffer its foreign exchange reserves and support the local currency. Yet the scheduled repayment gradually dry to foreign exchange reserves position.
READ MORE: Pakistan reviews petroleum prices on Sept 30, 2022 amid crash in global rates
Most recently, the SBP again received $1.5 billion from the Asian Development Bank (ADB) to strengthen the foreign exchange reserves position. However, the repayment pressure and rising political noise the rupee unable to show resistance against the dollar.
The previous government of PTI had kept both the petroleum levy and sales tax at zero in order to provide relief to the masses. The PTI government also provided a huge subsidy on prices of petroleum products in order to lower the rates and provide relief to the masses.
However, former Prime Minister Imran Khan was removed through a vote of no-confidence motion on April 10, 2022. Since then the new coalition government led by PML-N increased the prices of petroleum products sharply on three different occasions.
The present government in the budget estimated to collect Rs855 billion as petroleum levy during the fiscal year 2022/2023. As this fiscal year is starting from July 01, 2022, it is likely that the government will opt to impose the levy from this date.
READ MORE: New petroleum prices in Pakistan effective from September 21, 2022
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Today’s petroleum prices in Pakistan on Oct 21, 2022
ISLAMABAD: The prices of petroleum prices in Pakistan as of October 21, 2022 is as follow:
The rate of petrol is Rs224.80 per liter.
The price of high speed diesel is Rs235.30 per liter.
The rate of Kerosene oil is Rs191.83 per liter.
The price of light diesel oil is Rs186.50 per liter.
READ MORE: Pakistan keeps petroleum prices unchanged from October 16, 2022
The federal government on Thursday October 20, 2022 hinted at downward revision of petroleum prices. However, the changes would be announced on October 31, 2022 for next fortnight.
Previously, on October 15, 2022 the government decided to keep the prices of petroleum products unchanged for the fortnight starting from October 16, 2022.
Finance Minister Muhammad Ishaq Dar in a statement said that Oil and Gas Regulatory Authority (OGRA) had sent summary for increase in prices of petroleum products but the government had decided to maintain the prices at the level of October 01, 2022 and will be applicable till October 31, 2022.
READ MORE: Pakistan sharply reduces petroleum prices from October 01, 2022
Energy experts were believing that the government would announce a sharp reduction in petroleum prices for next fortnight starting from October 16, 2022 owing to massive gain in value of local currency and lower prices of oil in international markets.
Finance Minister Ishaq Dar had also hinted to reduce the oil prices significantly in order to stabilize the economy and ease the burden of high prices.
READ MORE: Pakistan reviews petroleum prices on Sept 30, 2022 amid crash in global rates
The previous government of PTI had kept both the petroleum levy and sales tax at zero in order to provide relief to the masses. The PTI government also provided a huge subsidy on prices of petroleum products in order to lower the rates and provide relief to the masses.
However, former Prime Minister Imran Khan was removed through a vote of no-confidence motion on April 10, 2022. Since then the new coalition government led by PML-N increased the prices of petroleum products sharply on three different occasions.
The present government in the budget estimated to collect Rs855 billion as petroleum levy during the fiscal year 2022/2023. As this fiscal year is starting from July 01, 2022, it is likely that the government will opt to impose the levy from this date.
READ MORE: New petroleum prices in Pakistan effective from September 21, 2022
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Pakistan may sharply cut petroleum prices from Oct 16, 2022
ISLAMABAD: Pakistan may announce a sharp reduction in petroleum prices for next fortnight starting from October 16, 2022 owing to massive gain in value of local currency and lower prices of oil in international markets.
Finance Minister Ishaq Dar has also hinted to reduce the oil prices significantly in order to stabilize the economy and ease the burden of high prices.
READ MORE: Pakistan sharply reduces petroleum prices from October 01, 2022
The Pakistani Rupee (PKR) has recorded massive gain during past 12 sessions against the dollar.
A day earlier, the local currency gained PKR 21.74 against the dollar during the last twelve straight sessions. The exchange rate reached to near record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 217.97 on October 10, 2022. Dar recently claimed that the actual value of the dollar is below PKR 200 and he vowed to bring it down.
READ MORE: Pakistan reviews petroleum prices on Sept 30, 2022 amid crash in global rates
Furthermore, the benchmark US Brent oil also fell to $95.62 per barrel on Tuesday owing to fears of lower demand globally.
Previously, the government announced a sharp reduction in oil prices effective from October 01, 2022, which are:
The rate of petrol has been reduced by Rs12.63 per liter to Rs224.80 from Rs237.43.
The price of high speed diesel has been cut by 12.13 per liter to Rs235.30 from Rs247.43.
The rate of Kerosene oil has been slashed by Rs10.19 to Rs191.83 from Rs202.02.
The price of light diesel oil has been reduced by Rs10.78 to Rs186.50 from Rs197.28.
READ MORE: New petroleum prices in Pakistan effective from September 21, 2022
The government has reduced the petroleum prices in the wake of massive decline in international oil prices.
The previous government of PTI had kept both the petroleum levy and sales tax at zero in order to provide relief to the masses. The PTI government also provided a huge subsidy on prices of petroleum products in order to lower the rates and provide relief to the masses.
However, former Prime Minister Imran Khan was removed through a vote of no-confidence motion on April 10, 2022. Since then the new coalition government led by PML-N increased the prices of petroleum products sharply on three different occasions.
READ MORE: New petroleum prices in Pakistan from September 01, 2022
The present government in the budget estimated to collect Rs855 billion as petroleum levy during the fiscal year 2022/2023. As this fiscal year is starting from July 01, 2022, it is likely that the government will opt to impose the levy from this date.
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Pakistan sharply reduces petroleum prices from October 01, 2022
ISLAMABAD: The government on Friday announced significant reduction in petroleum prices for next fortnight starting from October 01, 2022.
According to the new prices, effective from October 01, 2022:
The rate of petrol has been reduced by Rs12.63 per liter to Rs224.80 from Rs237.43.
READ MORE: Pakistan reviews petroleum prices on Sept 30, 2022 amid crash in global rates
The price of high speed diesel has been cut by 12.13 per liter to Rs235.30 from Rs247.43.
The rate of Kerosene oil has been slashed by Rs10.19 to Rs191.83 from Rs202.02.
The price of light diesel oil has been reduced by Rs10.78 to Rs186.50 from Rs197.28.
The government has reduced the petroleum prices in the wake of massive decline in international oil prices.
READ MORE: New petroleum prices in Pakistan effective from September 21, 2022
According to Reuters news agency oil prices fell $2 a barrel a day earlier, settling at nine-month lows in choppy trade, pressured by a strengthening dollar as market participants awaited details on new sanctions on Russia.
Brent crude futures for November settled down $2.09, or 2.4 per cent, to $84.06 a barrel, plunging below levels reached on January 14. U.S. West Texas Intermediate (WTI) crude for November delivery dropped by $2.06, or 2.3 per cent to $76.71, the lowest since Jan. 6.
Previously, the government revised the petroleum prices on September 21, 2022, which was scheduled to be announced on September 15, 2022.
READ MORE: New petroleum prices in Pakistan from September 01, 2022
The previous government of PTI had kept both the petroleum levy and sales tax at zero in order to provide relief to the masses. The PTI government also provided a huge subsidy on prices of petroleum products in order to lower the rates and provide relief to the masses.
However, former Prime Minister Imran Khan was removed through a vote of no-confidence motion on April 10, 2022. Since then the new coalition government led by PML-N increased the prices of petroleum products sharply on three different occasions.
READ MORE: New petroleum prices in Pakistan from August 16, 2022
The present government in the budget estimated to collect Rs855 billion as petroleum levy during the fiscal year 2022/2023. As this fiscal year is starting from July 01, 2022, it is likely that the government will opt to impose the levy from this date.
The exchange rate has seen massive decline in rupee value during past week despite inflows received from the International Monetary Fund (IMF).
Pakistani Rupee (PKR) has plunged by PKR 20 against the US dollar since the country received tranche from the International Monetary Fund (IMF). The country received a tranche of $1.16 billion from the IMF under Extended Fund (EFF) loan program on August 31, 2022.
The government was hopeful of improvement in economic indicators once the money is received from the IMF. However, in contrast the PKR fell sharply since the IMF funds transferred to the State Bank of Pakistan (SBP).
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Pakistan to review petroleum prices on September 15, 2022
ISLAMABAD: Pakistan is likely to review petroleum prices on Thursday September 15, 2022 for the next fortnight starting from September 16, 2022.
The country reviews domestic oil prices after every 15 days to adjust rise and fall of prices in the international market and changes occurred in the exchange rates.
READ MORE: New petroleum prices in Pakistan from September 01, 2022
Experts believe that Pakistan may increase the petroleum prices for the fortnight starting from September 16, 2022 because of massive decline in rupee value during past 15 days besides the expected imposition of sales tax and further increase in petroleum levy.
The government on August 31, 2022 decided to increase the prices of petroleum products effective from September 01, 2022. The decision was strongly criticized by the stakeholders because the international markets had seen fall in oil prices.
The finance division notified the new prices of petroleum products with effect from September 01, 2022.
READ MORE: Pakistan to increase petroleum prices from September 01, 2022
The price of petrol has been increased by Rs2.07 per liter to Rs235.98 from Rs233.91.
The price of high speed diesel has been increased by Rs2.99 per liter to Rs247.43 from Rs244.44.
The rate of kerosene oil has been raised by Rs10.92 per liter to Rs210.32 from Rs199.40.
The price of light diesel oil has been increased by Rs9.79 per liter to Rs201.54 from Rs191.75.
Pakistan is a net importer of petroleum products so huge foreign exchange is required for paying against foreign purchases and meeting local demand.
The country has spent a staggering amount of $23.32 billion for the import of petroleum group during fiscal year 2021/2022 as compared with $11.36 billion in preceding year, showing a growth of 105 per cent. The import of finished products recorded an increase of 134 per cent to $12.07 billion during the fiscal year 2021/2022 as compared with $5.16 billion in the preceding fiscal year.
READ MORE: New petroleum prices in Pakistan from August 16, 2022
The benchmark Brent crude is below $100 dollars. Brent crude futures were at $92.84 per barrel in New York trade on September 09, 2022.
The present government had started increasing the petroleum prices on May 26, 2022 when the benchmark Brent Oil was at $112 per barrel.
Considering the price slump of international oil, the government had reduced the prices of petroleum products from July 15 to July 31. However experts believed it was a political decision as the government had to increase petroleum levy and apply sales tax.
The previous government of PTI had kept both the petroleum levy and sales tax at zero in order to provide relief to the masses. The PTI government also provided a huge subsidy on prices of petroleum products in order to lower the rates and provide relief to the masses.
However, former Prime Minister Imran Khan was removed through a vote of no-confidence motion on April 10, 2022. Since then the new coalition government led by PML-N increased the prices of petroleum products sharply on three different occasions.
READ MORE: New petroleum prices in Pakistan from August 1, 2022
The present government in the budget estimated to collect Rs855 billion as petroleum levy during the fiscal year 2022/2023. As this fiscal year is starting from July 01, 2022, it is likely that the government will opt to impose the levy from this date.
The exchange rate has seen massive decline in rupee value during past week despite inflows received from the International Monetary Fund (IMF).
Pakistani Rupee (PKR) has plunged by Rs9.43 against the US dollar since the country received tranche from the International Monetary Fund (IMF). The country received a tranche of $1.16 billion from the IMF under Extended Fund (EFF) loan program on August 31, 2022.
The government was hopeful of improvement in economic indicators once the money is received from the IMF. However, in contrast the PKR fell sharply since the IMF funds transferred to the State Bank of Pakistan (SBP).
The exchange rate was Rs218.75 to the dollar on August 31, 2022, the day when the money was received by Pakistan. However, since then the rupee fell by Rs9.43 or 4.31 per cent to Rs228.18 to the dollar on September 09, 2022 in interbank foreign exchange market.
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New petroleum prices in Pakistan from September 01, 2022
ISLAMABAD: Pakistan on Wednesday announced increase in prices of all petroleum products. These prices are implemented with effect from September 01, 2022.
The finance division notified the new prices of petroleum products with effect from September 01, 2022.
The price of petrol has been increased by Rs2.07 per liter to Rs235.98 from Rs233.91.
The price of high speed diesel has been increased by Rs2.99 per liter to Rs247.43 from Rs244.44.
READ MORE: Pakistan to increase petroleum prices from September 01, 2022
The rate of kerosene oil has been raised by Rs10.92 per liter to Rs210.32 from Rs199.40.
The price of light diesel oil has been increased by Rs9.79 per liter to Rs201.54 from Rs191.75.
It is important to note that the government revised the prices in the wake of falling international oil prices and massive recovery in rupee value.
The sources said that the government was striving to get loans under the Extended Fund Facility (EFF) from the International Monetary Fund (IMF). The government met all the conditions and received $1.16 billion from the IMF after it’s executive board accorded approval on August 29, 2022.
READ MORE: New petroleum prices in Pakistan from August 16, 2022
Pakistan is a net importer of petroleum products so huge foreign exchange is required for paying against foreign purchases and meeting local demand.
The country has spent a staggering amount of $23.32 billion for the import of petroleum group during fiscal year 2021/2022 as compared with $11.36 billion in preceding year, showing a growth of 105 per cent. The import of finished products recorded an increase of 134 per cent to $12.07 billion during the fiscal year 2021/2022 as compared with $5.16 billion in the preceding fiscal year.
The benchmark Brent crude is about $100 dollars. Brent crude futures were at $97.40 per barrel in New York trade on August 10, 2022.
The present government had started increasing the petroleum prices on May 26, 2022 when the benchmark Brent Oil was at $112 per barrel.
Considering the price slump of international oil, the government had reduced the prices of petroleum products from July 15 to July 31. However experts believed it was a political decision as the government had to increase petroleum levy and apply sales tax.
READ MORE: New petroleum prices in Pakistan from August 1, 2022
The previous government of PTI had kept both the petroleum levy and sales tax at zero in order to provide relief to the masses. The PTI government also provided a huge subsidy on prices of petroleum products in order to lower the rates and provide relief to the masses.
However, former Prime Minister Imran Khan was removed through a vote of no-confidence motion on April 10, 2022. Since then the new coalition government led by PML-N increased the prices of petroleum products sharply on three different occasions.
The present government in the budget estimated to collect Rs855 billion as petroleum levy during the fiscal year 2022/2023. As this fiscal year is starting from July 01, 2022, it is likely that the government will opt to impose the levy from this date.
READ MORE: New petroleum prices in Pakistan from July 15, 2022
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Miftah defends petrol price hike in Pakistan from August 16, 2022
ISLAMABAD: Finance Minister Dr. Miftah Ismail on Tuesday defended the government decision to increase the prices of petrol that are implemented from August 16, 2022
A day earlier, Prime Minister Shehbaz Sharif approved the summary to increase the price of petrol with nominal decline in other petroleum products.
READ MORE: New petroleum prices in Pakistan from August 16, 2022
The government announced a significant increase of Rs6.72 per liter in price of petrol to Rs233.91 from Rs227.19 effective from August 16, 2022.
The rate of high speed diesel (HSD) has been nominally reduced by 51 paisas to Rs244.44 from Rs244.95. The price of kerosene oil has been decreased by Rs1.67 to Rs199.40 from Rs201.07. The rate of light diesel oil (LDO) has been nominally enhanced by 43 paisas to Rs191.75 from Rs191.32.
The people of Pakistan were expecting a significant decline in petroleum prices in the wake of sharp decline in international oil prices and massive recovery in rupee value against the dollar during the month of August 2022.
READ MORE: New petroleum prices in Pakistan from August 1, 2022
All the quarters have strongly criticized the government for increase price of petrol. The criticism was also came from coalition partners of the present government.
However, Miftah Ismail through Tweet presented a brief explanation on how petrol and diesel prices are set in Pakistan.
Oil and Gas Regulatory Authority (OGRA) takes the average of petroleum prices, adds freight and premium paid by Pakistan State Oil (PSO) on top of these prices, and multiplies that by the exchange rate.
READ MORE: New petroleum prices in Pakistan from July 15, 2022
In addition it also “trues up” the previous fortnight’s cost by taking into account the rupees paid by PSO at the actual exchange rate as opposed to the average used to estimate the previous fortnight’s cost.
“We have not added any new tax or levy to the price. The price of petrol has gone up (and diesel has gone down) because the cost paid by PSO in the previous fortnight was more than the cost estimated by OGRA and also because the premium paid by PSO on petrol increased and premium paid on diesel remained unchanged,” Miftah Ismail said.
“Again, not one paisa of new taxes or levies was added,” he repeated.
READ MORE: New prices of petroleum products in Pakistan from July 01, 2022
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New petroleum prices in Pakistan from August 16, 2022
ISLAMABAD: Pakistan has revised prices of petroleum products on Monday with effect from August 16, 2022. The finance division issued following new prices that will implement from August 16, 2022:
The price of petrol has been increased by Rs6.72 per liter to Rs233.91 from Rs227.19.
The rate of high speed diesel (HSD) has been nominally reduced by 51 paisas to Rs244.44 from Rs244.95.
The price of kerosene oil has been decreased by Rs1.67 to Rs199.40 from Rs201.07.
READ MORE: New petroleum prices in Pakistan from August 1, 2022
The rate of light diesel oil (LDO) has been nominally enhanced by 43 paisas to Rs191.75 from Rs191.32.
A press release issued by the finance division stated that in the wake of fluctuations in petroleum prices in the international market and exchange rate variation, the government had decided to revise the existing prices of petroleum products to pass on the impact to the consumers.
It is important to note that the government revised the prices in the wake of falling international oil prices and massive recovery in rupee value.
It was believed that the government would reduce the prices of petroleum products considering the latest crude oil prices in the international markets and sharp recovery in local currency against the US dollar.
READ MORE: New petroleum prices in Pakistan from July 15, 2022
Some good developments have been seen since the last amendment in prices of petroleum products.
The rupee continued the gain for the seventh straight session after falling to historic low. The local unit witnessed record low at Rs239.94 against the dollar on July 28, 2022. However, since then the rupee is continuously gaining to the dollar. The local currency gained about Rs18.75 or 7.51 per cent during the past seven trading days till August 10, 2022.
Pakistan is a net importer of petroleum products so huge foreign exchange is required for paying against foreign purchases and meeting local demand.
The country has spent a staggering amount of $23.32 billion for the import of petroleum group during fiscal year 2021/2022 as compared with $11.36 billion in preceding year, showing a growth of 105 per cent. The import of finished products recorded an increase of 134 per cent to $12.07 billion during the fiscal year 2021/2022 as compared with $5.16 billion in the preceding fiscal year.
READ MORE: New prices of petroleum products in Pakistan from July 01, 2022
The benchmark Brent crude is below $100 dollars in the international market. Brent crude futures were at $97.40 per barrel in New York trade on August 10, 2022.
The present government had started increasing the petroleum prices on May 26, 2022 when the benchmark Brent Oil was at $112 per barrel.
Considering the price slump of international oil, the government had reduced the prices of petroleum products from July 15, 2022. However experts believed it was a political decision as the government had to increase petroleum levy and apply sales tax.
The previous government of PTI had kept both the petroleum levy and sales tax at zero in order to provide relief to the masses. The PTI government also provided a huge subsidy on prices of petroleum products in order to lower the rates and provide relief to the masses.
READ MORE: New petroleum prices in Pakistan from June 16, 2022
However, former Prime Minister Imran Khan was removed through a vote of no-confidence motion on April 10, 2022. Since then the new coalition government led by PML-N increased the prices of petroleum products sharply on three different occasions.
The present government in the budget estimated to collect Rs855 billion as petroleum levy during the fiscal year 2022/2023. As this fiscal year is starting from July 01, 2022, it is likely that the government will opt to impose the levy from this date.
READ MORE: New petroleum prices in Pakistan from June 03, 2022