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  • Pakistan may cut petroleum prices from July 16, 2022

    Pakistan may cut petroleum prices from July 16, 2022

    ISLAMABAD: Pakistan likely to cut prices of petroleum products from July 16, 2022 in the wake of falling oil prices in the international markets.

    Prime Minister Shehbaz Sharif on Tuesday directed the authorities to pass on the full benefit of falling oil prices in the international markets to the masses.

    READ MORE: Gas price hike report baseless: Musadiq Malik

    The premier directed the ministries of petroleum and finance to prepare a summary for reduction in oil prices for next fortnight starting from July 16, 2022.

    Chairing a meeting on fuel prices, the Prime Minister said the people spent a difficult time, now they have the right to get full relief.

    He said we will take every step for the provision of relief to the masses who suffered heavily because of inflation caused by the previous government.

    READ MORE: Govt. halts gas supply to export industry: APTMA

    The Prime Minister said if the grace and blessings of Allah Almighty continue like this, they will bring more ease in the lives of the people.

    The meeting was also attended by senior officials of Oil and Gas Regulatory Authority (OAGRA) and other ministries and departments.

    Previously, the government was continuously increasing the prices of petroleum products since May 26, 2022 by eliminating subsidies and imposition of petroleum levy.

    The prices of petroleum products effective from July 01, 2022, were:

    READ MORE: FBR exempts sales tax on oxygen gas import

    The new prices of petrol have been increased by Rs14.85 per liter to Rs248.74 from Rs233.89.

    The rate of high speed diesel has been increased by Rs13.25 per liter to Rs276.54 from Rs263.31.

    The rate of kerosene oil has been increased by Rs18.83 per liter to Rs230.26 from Rs211.43.

    Similarly, the rate of light speed diesel has been increased by Rs18.68 per liter to Rs226.15 from Rs207.47.

    READ MORE: New prices of petroleum products in Pakistan from July 01, 2022

    Although, the prime minister directed the authorities to reduce the prices of petroleum products in the wake of fall in oil prices in the international markets but the imposition of petroleum levy may not give the government much room to reduce the prices drastically.

    Recently, National Assembly (NA) approved a levy of Rs50 per liter on each petroleum product. The assembly allowed the government to include the levy in the prices of petroleum products up to Rs50 per liter of each product.

  • Govt. decides to continue subsidy on petroleum prices

    Govt. decides to continue subsidy on petroleum prices

    ISLAMABAD: The coalition government led by PML-N has decided to continue the subsidy on prices of petroleum products in order to prevent people from high prices.

    Finance Minister Miftah Ismail on Sunday May 15, 2022 announced to maintain the prices of petroleum products at the same level, which were announced by the previous PTI government.

    READ MORE: Pakistan cuts petroleum prices amid Russia-Ukraine War

    On February 28, 2022, former Prime Minister Imran Khan announced reduction in prices of petroleum products and freeze the prices till June 30, 2022. This decision came with announce of multi-billion rupees subsidy to keep the fuel prices lower.

    This decision was strongly criticized by the legislators, who are now sitting on the treasury benches. The present government despite strong opposition to the decision to grant of subsidy on the petroleum prices, has no option but to keep the prices unchanged during its tenure of more than a month.

    READ MORE: New government keeps petroleum prices unchanged

    According to the statement the new prices of the petroleum products effective from March 01, 2022 are:

    The price of petrol slashed by Rs10 to Rs149.86 per liter from Rs159.86.

    The rate of high speed diesel has been reduced by Rs10 to Rs144.15 per liter from Rs154.15.

    The price of kerosene oil has been brought down by Re1 to Rs125.56 per liter from Rs126.56.

    Similarly, the rate of light diesel oil has been slashed by Rs5.66 to Rs118.31 per liter from Rs123.97.

    Miftah Ismail on Sunday said despite increasing prices of petroleum products Prime Minister Shehbaz Sharif had decided not to transfer the burden of price hike on masses.

    The decision has been taken at a time when the government is going to discuss loan program under Extended Fund Facility (EFF) with the International Monetary Fund (IMF). Under this program, the government has already agreed to raise the prices of petroleum products by removing subsidies.

    READ MORE: Pakistan surrenders to IMF, agrees to remove subsidies

    The IMF issued the following statement on April 24, 2022:

    “We had very productive meetings with the Finance Minister of Pakistan Miftah Ismail over Pakistan’s economic developments and policies under the Extended Fund Facility (EFF) program.

    “We agreed that prompt action is needed to reverse the unfunded subsidies which have slowed discussions for the 7th review.

    “Based on the constructive discussions with the authorities in Washington, the IMF expects to field a mission to Pakistan in May to resume discussions over policies for completing the 7th EFF review.

    “The authorities have also requested the IMF to extend the EFF arrangement through June 2023 as a signal of their commitment to address existing challenges and achieve the program objectives.”

    READ MORE: Pakistan raises petrol price to record high at Rs160/liter

    Miftah Ismail in its latest statement said: “PTI government has destroyed economy of the country.”

    The Minister said agriculture sector was badly ignored and resultantly Pakistan imported wheat worth of six hundred million dollars last year. He said this year wheat worth of $1.5 billion will have to be imported.

    Miftah Ismail said prices of flour soared up from 35 rupees per kg to 80 rupees per kg in last four years.

    Talking about sugar price, Miftah Ismail said that government is providing cheap sugar and it has directed to further decrease the price of commodity. He also said the government will not import sugar this year.

  • Multan customs auctions smuggled diesel oil on May 18, 2022

    Multan customs auctions smuggled diesel oil on May 18, 2022

    The Directorate of Customs Intelligence and Investigation (I&I) in Multan has announced an upcoming auction scheduled for May 18, 2022, featuring a significant quantity of seized smuggled high-speed diesel (HSD) oil.

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  • Pakistan’s petrol price rises to record high at Rs147.83

    Pakistan’s petrol price rises to record high at Rs147.83

    ISLAMABAD: The petrol price in Pakistan has been increased to a record high of Rs147.83 per liter, said a statement issued by the finance ministry on Saturday.

    The government announced to increase prices of all petroleum products with effect from January 16, 2022.

    READ MORE: Prices of all POL products increased to wish New Year

    According to the notification, the price of petrol has been increased by Rs3.01 to Rs147.83 per liter from Rs144.82.

    The price of high speed diesel (HSD) has been increased by Rs3 to rs144.62 per liter from Rs141.62.

    The rate of kerosene has been enhanced by Rs3 to Rs116.48 per liter from Rs113.48.

    READ MORE: Petrol price reduces to Rs140.82 per liter

    The price of light diesel oil has been increased by Rs 3.33 toRs114.54 per liter from Rs111.21.

    According to the notification the decision to enhance domestic prices of petroleum products because the international oil price had registered 6.2 per cent during the last week. Presently, at the highest level since last year.

    The existing sales tax rate and petroleum levy on various petroleum products are much below the budgeted targets.

    READ MORE: Govt. keeps petroleum prices unchanged

    The finance ministry said that against the recommendations of Oil and Gas Regulatory Authority (OGRA) for increase of Rs5.52 per liter in petrol and Rs6.19/liter in high speed diesel prices, the Prime Minister had directed to absorb at the international prices through further cut in sales tax from last fortnight.

    The finance ministry will take Rs2.6 billion revenue hit due to reduced sales tax rates.

    Therefore, the government has decided to make partial increase in the prices of the petroleum products in order to provide relief to the end consumers.

    READ MORE: Petroleum prices kept unchanged for next fortnight

  • Prices of all POL products increased to wish New Year

    Prices of all POL products increased to wish New Year

    ISLAMABAD: The government on Friday increased prices of all petroleum products to wish the nation the New Year 2022.

    The prices have been increased across the board around Rs4 per liter on all the products.

    READ MORE: Petrol price reduces to Rs140.82 per liter

    The prices have been implemented at 00:00 hours of January 01, 2022 for next fortnight.

    According to a notification issued by the finance division the new price of petrol has been increased by Rs4 to Rs144.82 per liter from Rs140.82.

    The rate of high speed diesel (HSD) has been increased by Rs4 to Rs141.62 per liter from Rs137.62.

    READ MORE: SBP revises manual on remittances for petroleum sector

    Similarly, the price of kerosene has been increased by Rs3.95 to Rs113.53 per liter from Rs109.53.

    Likewise, the price of light diesel oil has been increased by Rs4.15 to Rs111.06 per liter from Rs107.06.

    The notification stated that in the fortnightly review of petroleum products prices, the prime minister had rejected the proposal of Oil and Gas Regulatory Authority (OGRA) for increase in prices of petroleum products and advised to increase only Rs4 per liter to meet the petroleum levy target agreed with the International Monetary Fund (IMF).

    “Sales tax on petrol and diesel has been adjusted downwards as compared to December 16, 2021 to keep the prices lower,” the notification stated.

    READ MORE: FBR notifies increase in sales tax on petrol, HSD

  • Petrol price reduces to Rs140.82 per liter

    Petrol price reduces to Rs140.82 per liter

    ISLAMABAD: The government on Wednesday decided to reduce the prices of petroleum products for next fortnight considering the fall in international oil prices.

    The government has not passed on the all the benefit of fall in international oil prices as it enhanced sales tax rates. However, the government kept the petroleum levy unchanged. The prices are applicable from December 16, 2021.

    Price on petrol cut by Rs 5 to Rs 140.82/ltr

    Price on diesel cut by Rs 5 to Rs 137.62/ltr

    Petroleum levy on petrol and diesel remained unchanged at Rs 13.62 and Rs 13.14.

    Sales tax on petrol raised from 1.63 per cent to 4.77 per cent. Ssles tax on diesel raises from 7.37 per cent to 9.08 per cent

    FBR hikes sales tax rates on petroleum products
  • Domestic oil sales surge by 18% in 5MFY22

    Domestic oil sales surge by 18% in 5MFY22

    KARACHI: The domestic oil sales have surged by 18 per cent to 9.6 million tons during first five months (July – November) of fiscal year 2021-2022 – 5MFY22 as compared with 8.16 million tons in the corresponding months of the last fiscal year.

    Analysts at Arif Habib Limited said that double digit growth was witnessed in all categories; motor spirit, high speed diesel and furnace oil with off take undergoing a jump to 3.81 million tons, 3.74 million tons and 1.78 million tons (amid higher requirement from furnace oil based power plants), up by 11 per cent, 20 per cent and 29 per cent year on year (YoY) against 3.44 million tons, 3.12 million tons and 1.38 million tons in the same period of the last fiscal year, respectively.

    Total petroleum and lubricant sales clocked-in at 1.75 million tons in November 2021, depicting an increase of 2 per cent YoY while down 12 per cent Month on Month (MoM) on account of significant decline in furnace oil volumes which clocked in at 0.18 million tons, down by 46 per cent MoM compared to 0.33 million tons in October 2021.

    The decline in sales volumes has been attributed to power requirement in winter season which is usually lower compared to summer resulting in slowdown in dispatches and increase in prices of motor spirit (petrol) and high speed diesel.

    On yearly basis, sales volumes witnessed a meager growth of two per cent YoY which was mainly led by sales growth in furnace oil and high speed diesel by three per cent and one per cent YoY, respectively.

    Pakistan’s October oil sales highest after May 2018
  • Petroleum prices kept unchanged for next fortnight

    Petroleum prices kept unchanged for next fortnight

    ISLAMABAD: The government on Monday decided to keep prices of petroleum products unchanged at the level of November 05, 2021, for the next fortnight.

    The prices will remain unchanged from November 16, 2021, till the end of the month: Petrol Rs145.82 per liter; High-Speed Diesel (HSD) Rs142.62 per liter; Kerosene Oil Rs116.53 per liter; and Light Diesel Oil Rs114.07 per liter.

    A statement issued by the Finance Division said that despite rising petroleum products prices globally, the Prime Minister of Pakistan has kindly rejected the proposal for enhancement in the prices and desired that the prices of petroleum products from November 16, 2021, shall remain the same as notified on November 04, 2021, for providing maximum relief to the general public.

    The decision has been taken in the public interest. The government will bear the burden by making adjustments in the sales tax rates, etc.

    Muzzammil Aslam, spokesman to the finance minister in a Tweet said: “History has been made today. In today’s petrol prices the Sales Tax is effective zero per cent.”

    Petrol tax rate cut by 73% to lower global oil price impact
  • Petrol price goes up to record high at Rs137.79/liter

    Petrol price goes up to record high at Rs137.79/liter

    ISLAMABAD: The government on Saturday increased the price of petrol to a record high at Rs137.79 per liter. The government announced to increase prices of all petroleum products with effect from October 15, 2021.

    The price of petrol has been increased by Rs10.49 to Rs137.79 from Rs127.30 per liter. The price of High Speed Diesel (HSD) has been increased by Rs12.44 to Rs134.48 from Rs122.04 per liter. The price of kerosene oil has been enhanced by Rs10.95 to Rs110.26 from Rs99.31 per liter. Similarly, the price of light diesel oil has been increased by Rs8.48 to Rs108.35 from Rs99.51 per liter.

    A notification issued by the Finance Division said at present, oil prices have risen around $85 a barrel, which is the highest since October 2018.

    Importantly, entire energy chain prices have witnessed a strong surge in the past couple of months due to higher demand for energy inputs and supply bottlenecks.

    In the current scenario, the government has absorbed the pressure and provided maximum relief to the consumers by keeping petroleum levy and sales tax to a minimum level. Therefore, prices worked out by OGRA have been approved, according to the statement.

    Petrol price increases to record high at Rs127.30/liter
  • Petrol price increases to record high at Rs127.30/liter

    Petrol price increases to record high at Rs127.30/liter

    The government on Thursday announced a significant hike in the price of petrol, increasing it by Rs 4 per liter, bringing the cost to an all-time high of Rs 127.30 per liter. This marks the highest petrol price in Pakistan’s history. The new prices, along with adjustments to other petroleum products, will take effect from October 1, 2021.

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